For years, Millennials have been the mainstay focus of advertising endeavors. But what about the next generation—Generation Z? This generation, which follows Millennials, already has billions of dollars in spending power and should be your next target demographic. Lucie Greene of J. Walter Thompson calls Generation Z “millennials on steroids.”
Generation Z, typically considered to be individuals born between 1996 and 2011, are still young in age, but their spending power is already indisputable. Because this is the emerging generation of spenders, marketers must get a jump start on understanding this demographic and their spending habits.
Reports show that by 2020, Generation Z will command almost 40% of consumer spending. In addition, 93% of parents claim their Generation Z children influence purchases made for the household. In short, these kids already have a huge effect on consumerism.
This infograph visualizes Gen Z’s spending habits: