With an overall spending power of almost $100 billion, brands are trying to better understand Gen Z as their consumer habits start to take shape.
Born between 1997 and 2012, Gen Z consists of the digital natives who have never experienced a moment with the internet and digital technology. For this reason, digital channels are critical to effectively communicate with and reach Gen Z. Mobile games and interactive videos come to the fore here, because for Gen Z, having fun, being able to socialise and using technology at the same time is very important.
The Global Trends Among Gen Z report by Global Web Index indicates that smartphones are a must for Gen Z. This generation spends an average of 4 hours and 15 minutes every day on mobile, and this is a very high figure compared to other generations.
Gen Z, who spends the most time on smartphones, has some of the most important purchasing power in mobile. Therefore, while communicating with Gen Z, brands and marketers should plan their strategies according to this generation’s behaviour, preferences and habits in mobile environments.
In recent research conducted in partnership with Global Web Index, mobile advertising platform AdColony highlights that around 64% of Gen Z say that they are constantly connected online and 57% feel more insecure without their mobile phone than their wallet. As 97% of Gen Z owns a smartphone, unlike earlier generations mobile commerce has a huge impact on the purchasing power. Gen Z’s were spending an extra 1 hour and 13 minutes on their mobile devices per day in 2018 compared to 2015. And since 2016, mobile devices have surpassed PC and laptops in terms of daily time spent.
Eighty-one percent of Gen Z members say that brands should provide funny and light-hearted videos and content to entertain people. This approval rate goes down as respondents get older: 78% for millennials, 73% for Gen X and 62% for Baby Boomers.
For many years, millennials were in the spotlight for brands and marketers. But as the next demographic block comes of age and their buying power increases in the workforce, Brands are trying to better understand Gen Z. Accounting for 32% of the global population, this group is expected to be the main target for brands as their purchasing power increases and is projected to overtake millennials this year.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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