Brian Wallace, Founder & President, NowSourcing
Born between the years 1995 and 2010, Generation Z numbers over 2 billion strong worldwide. 9 in 10 of Generation Z live in emerging markets, with India alone accounting for 1 in 5. By 2031, Gen Z’s collective income will reach over a quarter of the global income, or over $2 trillion in global earnings.
At home in the US, Gen Z accounts for 40% of US consumers. Almost half of Gen Z is not white, more than any other generation. 20% identify as part of the LGBTQ+ community, over twice as many as prior generations. On top of being the “diversity generation,” Gen Z are on track to be the best-educated generation in America. 57% of recent high school graduates have enrolled in post-secondary education.
Given their size, spending power, and influence, brands of all shapes and stripes should want to sell their goods to Generation Z. If they haven’t developed Gen Z-specific marketing strategies yet, they need to. Only 36% of Gen Zers today say they have a strong connection to any particular brand. Instead, Gen Z chooses where to shop based on the values they perceive a company to hold. As a group, Gen Z prefers products that promote sustainable/ethical business practices and inclusivity. Gen Z wants to see marketing as diverse as they are, but they won’t just stand for “rainbow-washing” or “greenwashing.” Most consumers in this age group also want to see diversity and inclusivity in senior leadership and company policy. They’re also willing to pay more for sustainable products, making it worth a company’s while to go the extra mile.
Now that brands have an idea of what to include in their marketing, they also need to consider how they’ll get their message out to its target audience. In this area, companies ought to adopt a mobile-first marketing approach. Nearly half of American teens are online “almost constantly,” spending more than 10 hours a day on their mobile device.
Social media is a good place to start for mobile marketing. Nearly half of Gen Zers get most of their information from social media. Yet as of 2020, younger audiences began to leave established social media platforms for smaller “digital campfires” like Fortnite, Roblox, and Twitch. A fifth of Gen Zers are spending over 5 hours a day on TikTok. The goal is for brands to meet people where they are and become relatable.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked