Advertising Your Business to Gen Z
Gen Z has a large spending influence. They have $143 billion in annual spending power, plus $127 billion spent on their behalf by family members each year, and this number will only continue to grow. Gen Z, named the most disruptive generation, is set to outpace the earnings of Millennials by 2031. Understanding how Gen Z relates to brands and technology is essential to tapping into their spending power.
Gen Z buys based on their values. They are a diverse generation, with almost 50% identifying as non-white and an LGBTQ+ population double other generations. Growing up with financial insecurity, political unrest, and a global pandemic has shaped the way they consume. Following the events in 2020, Gen Z’s trust in major institutions dropped from 56% to 46%, with the largest declines for police, government, the criminal justice system, and news media.
Brand values drive Gen Z purchases. 92% of Gen Zers prefer products that promote sustainable business practices. Gen Z will stop buying and spread the word to stop purchasing from companies they find to be racist, involved in scandals, and homophobic. Over half of Gen Z wants brands to support wider inclusivity initiatives. Gen Z is online for the majority of the day, spending on average over 10 hours on their mobile devices. Knowing what makes Gen Z want to purchase a product is essential, while incorporating this into mobile marketing.