Currently Generation Z is on the verge of passing Baby Boombers, Gen X, and others to become the largest segment (by percentage) of the world’s population. Marketers and retailers are already beginning to focus on this generation and how to reach out to them. Gen Z is estimated to compose of nearly a third of the global population by 2019, being about the same size but just a sliver larger than Millennials. The two combined will be about 2/3 of the world population by 2019.
Because of that, the rush to market to Gen Z is on since whoever figures out how to do this effectively will have a huge leg up on the competition who doesn’t. The oldest members of Gen Z will be just out of university or preparing to graduate from university. Moving forward by just after 2020 it is estimated that Generation Z could be up to 40% of all active consumers, making them all the more important.
What does this translate to in numbers?
Well, early estimates say it will be $44 to $60 billion depending how you measure, and as the older generations continue to age and more of Generation Z comes into the workforce, those numbers are likely to continue to grow. As usual, marketing is on top of trying to learn what moves this generation, how they think, and what behaviours give specific clues as the best strategies to reach out to them in an effective way.
Even More Tech Focused
Since Generation Z were all born after 1995 they are the first generation that has grown up in a world that 100% had advanced online technology. To them the Internet, mobile phones, and similar tech older generations watched develop and consider cutting edge have always been there for them. They … Continue reading >>>