Gen Z by-the-numbers: Analyzing Gen Z consumer trend stats
TL;DR
A fun-sized summary of this article
$360 billion spending power ( BBC)
40% of consumers worldwide (Snapchat)
30% of the workforce by 2030 (Zenefits)
59% of Gen Z believe AI will eliminate jobs (Deloitte)
6 in 10 Gen Zs feel unable to save (eMarketer)
50% want companies to take a stance on social issues (HubSpot)
64% of Gen Z participants would pay more for sustainable products (Deloitte)
80% of Gen Z buy secondhand (eBay)
Market Power
$360 billion spending power ( BBC)
40% of consumers worldwide (Snapchat)
30% of the workforce by 2030 (Zenefits)
Gen Z may not be a big deal to your brand yet—but we will be. Entering the workplace in droves, our economic influence on the global market will only become more significant as new technology, social media, and digital platforming continue to evolve. So, if you aren’t adapting your marketing strategies to account for us in a major way, you’re behind the curve.
We are the first generation of digital natives - an acknowledgment made repeatedly across the brand strategy. But what happens when the digital natives grow up? Well, our deep integration with new media and digital platforms has made us culture creators. While this shows up most evidently in pop culture now, our rising capital power and workforce numbers will cause that to eventually reflect across other sectors of society.
All that to say - or more emphasize - that Gen Z is on the cusp of grasping major market sway. Our digital fluency means we seek out brands that engage us through personalized experiences rather than traditional advertising. Understanding our preferences can align your brand with what Gen Z cares about.
Financial Outlook
59% of Gen Z think AI will eliminate jobs (Deloitte)
6 in 10 Gen Zers feel that they are unable to substantively save (eMarketer)
On average, Gen Z saves approximately one-third of their income (Influencer Marketing)
Gen Z came of age in turbulence; the phrase “unprecedented times” still turns our stomachs. But while certain global events have settled, our anxieties about the future haven’t. Alongside the disruptions to formative moments in education and adolescence, our generation’s financial outlook has also been shaped by rapid technological advances… and the uncertainties they bring.
(Yay us 🙃)
Concerns about AI disrupting both creative and non-creative markets have left many Gen Zers without a sense of Plan B. For those high school age and above, the impact is disorienting; as the contention around AI makes its way to court, we are left to gamble on which career choices and financial strategies will still be viable.
Savings are one of the few accessible life rafts; Gen Z saves primarily as a safeguard against the economic unpredictability our early adulthood has been defined by. But in an economy of rising costs and stagnant wages, this is a temporary solution.
So, in summary, we’re TBD on this one.
Resale Market
80% of Gen Z buy secondhand (eBay)
36% of them do so for the environment (eBay)... and 64% do so to save (eBay)
Gen Z is cheap. Wait, no - thrifty. This is because, on an individual basis, we are kind of broke. But banded together? Our purchases have so much influence that they’ve brought relevance to the resale market. Major relevance.
While our generation is big on penny-pinching for deals, we drop massive numbers on secondhand products overall. This is because shopping secondhand serves two needs: Gen Z’s desire for sustainable consumption and our ‘up and coming’ status on the financial outlook front. In that sense, buying secondhand isn't just about saving money for us; we’re trying to close the loop on that circular economy we dream of.
Social Responsibility
50% want companies to take a stance on social issues (HubSpot)
64% of Gen Z participants reported that they would pay more for sustainable products. (Deloitte)
Gen Z expects a lot of you; we don’t turn our pockets out for just anyone. We prioritize brands that make their stances on social responsibility, environmentalism, and ethical leadership clear. Preferably loud, too - we want to hear about it, we want to see it, and we want you to ask us to join in. Gen Z possesses a collective desire across political parties to engage meaningfully with brands that share our values. We use our purchase power to drive meaningful change - Apple Pay with a purpose and whatnot.