Generation Z has strong buying influence, new report claims.
It seems you can’t read the news without the mention of Millennials somewhere in the headline. While this large demographic is getting lots of coverage, there is a new generation beginning to make a splash.
Generation Z, the group of individuals born in the mid-‘90s to present day, are still young, but according to a recent Cassandra Report published by digital agency Deep Focus, this group maintains considerable influence when it comes to buying power. According to the report, Gen Z influences 93 percent of all household purchases and spending decisions.
“Brands who aren’t targeting them today do need to start paying attention,” said Jamie Gutfreund, chief marketing officer at Deep Focus. “They’re going to be the future consumers, and they’re going to demand an entirely different paradigm and interaction with the brands they support. It’s time to learn lessons today rather than when it’s too late.”
They are more informed about food choices than any generation before them and want more individualized engagement –including transparency.
“Kids want to feel like insiders—like they’re part of the conversation, not just being talked at,” Gutfreund said. “Legacy and heritage is quite fascinating to them, but it should be expressed in a more modern or relevant way. Kids want brands that reflect the culture that they admire.”
If brands aren’t on the Gen Z bandwagon yet, they need to start soon.
Read more here.