Gen Zers have over taken Millennials and now hold £31.6 billion in buying power. This generation are what we call “digital natives”, they’re the first generation to be born into a fully digital world. Millennials are only considered to be digital natives as they have grown into a digital world, but social media was not around when they were born.
So why do marketers need to take this into consideration? Well, since these dominant consumers hold so much buying power, we need to understand the ins and outs as they make decisions that potentially affect our businesses.
Gen Zers make up 20% of the UK’s whole population. And in the next two years they’re set to become an overwhelming 40% of all consumers.
Marketers need to grab their attention quickly and effectively. According to Forbes, Gen Zers hold a minimal eight second attention span, unlike the 12 second attention span that millennials hold. They also need to optimise their content to mobile for the simple reason that 96% of Gen Z own a smartphone.
Forget the big brand names, Gen Z focus on products based on the functionality, quality and content of it, disregarding the brand name. The Gen Zers are more open-minded to accepting smaller businesses. Winning your target over isn’t a game anymore. Marketers should make sure that what they’re offering is genuine, meaningful and relatable.
All in all, Generation Z hold a LOT of power within their fingertips without even knowing.
