NielsenIQ, GfK, and World Data Lab collaborated on a study about Generation Z spending habits, which earned them the nickname Spend Z.
The document revealed that Gen Z is the one to track today and in the years to come.
The highly nuanced generation has a spending potential forecasted to reach USD 12 trillion by 2030.
That means its members are a global force set to bring the most money to the consumer spending class by 2030.
“If you’re going to grow with Gen Z, you’re going to need a full view of what’s now and what’s next”, said the document called Spend Z – Gen Z changes everything.
Food shopping
Different marketing channels influence each generation. For Generation Z, digital sources such as apps, social media, and websites are crucial in determining which food products to buy. Websites involve retailer and manufacturer sites, product reviews, money-saving blogs, and online ads. This indicates that prioritizing a brand’s website, ad campaigns, blogs, influencers and product reviews is essential to reaching Generation Z.
In the grocery category, Generation Z households with children are likelier to buy combo and variety packs.
Generation Z prefers products with no artificial ingredients, low in sugar, natural, and high in protein.
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Other Categories
Generation Z values the environment and sustainability. However, price and quality have a greater impact on their purchasing decisions.
However, these factors will likely change as their economic situation improves and more Gen Z’s enter the job market.
Most Gen Z members are looking for clean, naturally fragranced, animal cruelty-free products when buying beauty products.
Meet the Gen Z
Gen Z is anyone born between 1997 and 2012 (currently aged 12-27). The description also includes being obsessed with their phones, broken, and never leaving home, among other preconceived notions.
It is the current largest generation and will likely be the largest ever, with 2 Billion Gen Zers, or 25% of the world’s population.
Gen Z will probaby become the wealthiest generation ever, with the fastest growth in spending power, expected to surpass Boomer spending by 2029.