By 2020 the Generation Z population will account for 40% of all consumers. This generation has a very short attention span, extremely social, and constantly glued to a screen. This generation is going to cause radical shifts that companies need to be ahead of to stay relevant.
While many marketers still struggle to figure out the Millennials, a new generation--Generation Z--is growing up behind the scenes.
Members of Gen Z, born after 1995, are quite different than their Millennial counterparts, with their own set of expectations when interacting with companies. They are the first truly mobile-first generation, so they place a big emphasis on personalization and relevance.
In addition, Gen Zers are entrepreneurial and resourceful, courtesy of growing up during a recession. Marketers will need to take all of this into account when shaping their strategies for this group. Read on for more facts and figures.
1. Consumers 19 and younger prefer social networks like Snapchat, Secret, and Whisper, and a quarter of 13- to 17-year-olds have left Facebook this year.
2. By 2020 Generation Z will account for 40% of all consumers.
3. Gen Z are adept researchers. They know how to self-educate and find information. Thirty-three percent watch lessons online, 20% read textbooks on tablets, and 32% work with classmates online.
4. More than a quarter of America's population currently belongs to Gen Z, and with each birth (361,00 babies born in the U.S. every day) the segment is growing.
5. Gen Z recieves $16.90 per week in allowance, which translates to $44 billion a year.