When it comes to consumer habits, Generation Z is something totally unprecedented. This tech-savvy, socially-conscious generation is fast becoming the most interesting demographic group for many companies. Here's what you need to know about Gen Z.
Who are Gen Zers, and what are their defining characteristics
Gen Z, sometimes referred to as iGeneration, Zoomers or Centennials, is a generation of people born after the mid-1990s. This group is naturally diverse in terms of race, ethnicity and gender; however, they tend to be more accepting and tolerant of difference than their predecessors.
Gen Zers grew up with technology and are used to having access to digital tools that make communication and collaboration easier.
Unlike Millennials, Gen Zers are less interested in flashy brands and material possessions; instead, they prefer experiences and connections that create memories.
Gen Z is also more socially conscious and is often searching for ways to make a positive impact on the world. They prioritise sustainability, ethical production and consumerism that supports causes they believe in.
Although Gen Z can come off as overly confident at times when sharing their opinions on social media platforms, overall this generation is extremely intelligent, ambitious and driven when it comes to achieving their goals.
On the economic aspect, the purchasing power of Gen Z is 86 percent less than what Baby Boomers had when they were in their 20s. In addition, most of them do not feel financially secure. That is why they tend to be more frugal than previous generation. They grew up during the Great Recession, so they are incredibly conscious of how they spend their money and are often searching for ways to save. However, they currently possess a disposable income of $360 billion, which will grow as more of them enter the workforce.