By Haley Chung
Are you looking to tap into the Generation-Z market? According to Business Insider, Gen Z currently accounts for over $143 billion spending power, with the number expected to increase as more Gen Zers grow up to be over 18 and enter the workforce. Statistics show that they’re an increasingly powerful market and the following include some of the most remarkable statistics.
Similar to millennials, Gen Z is very active on social networking sites which heavily influence their purchasing decisions. According to Hootsuite, more than 85% of Gen Z learns about new products on social media and they’re also 59% more likely than older generations to connect with brands over social media platforms. How do they discover new products on social media? A lot of times, the answer points to influencers, popular content creators with large followings. According to Morning Consult, 76% of Gen Z follows an influencer on social media, with 52% of the group trusting social media influencers for product or brand advice. In other words, the brand endorsement from an influencer with millions of followers can lead to a sizable increase in purchases.
But not all social media platforms are made equal. Unlike older generations, Facebook doesn’t even make it into the top three platforms that Gen Z prefers. Instead, 65% of Gen Z reports that they check Instagram on a daily basis, while 90% of 13- to 24-year-olds in the U.S. have used Snapchat. TikTok is another app that’s on the rise with Gen Z, with 41% of its 800 million active user base being aged 16-24.
Lastly, Gen Z is a very progressive group who values diversity, ethicality, and sustainability in the brands from which they shop. Facebook IQ reports that 71% of Gen Z wants to see more diversity in advertising and 77% feel more positively toward brands that promote gender equality on social media. Furthermore, 61% of Gen Z is willing to pay more for products that are sustainably made, and 68% of Gen Z expects brands to contribute positively to society. In other words, companies can no longer get away with sketchy practices and unethical business behaviors without some sort of accountability from Gen-Z consumers.
All in all, Gen Z is a sizable group with huge market potential just from looking at the numbers. They are a uniquely progressive and internet-savvy generation and Adolescent Content, a global marketing agency run by youth, can help your brand understand what that truly means. Check out our website for more information!
Is your business looking to advertise to a Gen Z audience? Contact our Generation Z advertising agency in Los Angeles today so our team can help!