Figuring Out Gen Z
Companies, avoiding their millennial-focused marketing mistakes, try to lure the newest consumers in Gen Z.
Apr 02, 2019
NEW YORK—Gen Z will become the biggest generation this year, making up 61 million of the U.S. population. These consumers, between the ages of seven and 22, are grabbing attention from marketing departments as they start to put a new spin on consumerism.
A Bloomberg article dives into the work that companies are putting in to understanding this new generation. The reporting says that companies admit they got the millennial generation wrong—and are trying to avoid the same mistakes with Gen Z.
Gen Z consumers don’t care about brands or labels or corporations. “They’re ethnically diverse, socially tolerant, globally connected, environmentally aware.” A Businessweek and Morning Consult survey found that Gen Z would pay more for a product if the brand or retailer promoted environmental, gender equality, LGBT or racial justice initiatives—more so than millennials, Gen Xers or Baby Boomers.
Gen Z finds out about new products on social media, not TV. They’re expected to accelerate the online shopping market—including the purchase of groceries, self-care items like toothpaste and home goods like furniture.
Companies are trying everything they can to lure the newest spenders. One estimate says that the generation has the direct spending power of $143 billion.
