Tuesday, 23 September 2014 07:48

Move Over Millennials: Generation Z

A lot of today’s marketing is focused on millennials (which is what most of us at FiG are considered), which makes total sense, as our generation is in its prime for consumerism. There are almost 90 million millennials and they account for nearly $1.3 trillion dollars in yearly retail spending.

Although millennials demand the attention of almost every brand, companies are starting to look at a new group of buyers: Generation Z (born after 1995 and now estimated to be America's largest generation).

Beginning to understand Generation Z can help brands produce profits going forward. Below you'll find a few stats about this up-and-coming generation, ranging from infants to 19-year-olds. Hopefully, these facts will encourage brands to open up to creating campaigns not just for the present but also the future.

10 Facts On Generation Z Consumers

1. Teens are spending as much on food as they are on clothing — about 21% of their money.

2. Starbucks remains the perennial favorite among all teens for food and drink spending.

3. Generation Z is the most racially diverse of any generation in the U.S. — 55% are Caucasian, 24% are Hispanic, 14% are African-American, 4% are Asian, and 4% are multiracial.

4. 84% percent of 13-to-17-year-olds have a Facebook account. Compare that to 46% of 8-to-12-year-olds.

5. 76% percent of Generation Z wishes that their hobbies would turn into full-time jobs, and 72% of high school students want to start their own businesses someday.

6. Brands that are losing popularity among teens include: Aeropostale, Abercrombie & Fitch, and Hollister… whatever that means.

7. Brands gaining popularity among teen girls include: Forever 21, American Eagle, and Lululemon.

8. About 46% of Generation Z are not yet shopping online. But of those who are, many will buy goods online and offline in equal numbers.

9. 84% percent of moms feel that kids influence purchase decisions. 74% of moms say that kids influence apparel purchase decisions. 73% of moms report that kids influence the weekly dinner menu.

10. The two most commonly used devices among Generation Z are mobile phones (75%) and televisions (78%).

As more statistics for Generation Z’ers become available, there’s no doubt that we at FiG are going to be on top of it. In the next few years it will be imperative for knowing this demographic inside and out, as it will be the difference in marketing that will greatly affect all industries.

Stayed tuned to our blog and subscribed to our newsletter as we plan to talk more about this trend and others. If you’re curious about how this demographic is already affecting your marketing efforts, and would like us to re-evaluate your advertising, please feel free to contact us to discuss.