part of ppt
zoewang
GenerationZ.pptxGeneration Z
Group Members:Ying Hu
Yang Xiao
Yumeng Li
Xiaoying Wang
Ai Ren
Definition of consumer group
Gen Z is set to be the most financially powerful generation in the coming years. Having not yet reached adulthood, Gen Z accounts for $830 billion per year in the U.S., covering 6.8% of total U.S. consumer spending each year. Currently, the average weekly allowance is estimated to be $16.90 in the U.S., which gives teens and children direct purchasing power of $44 billion a year. As Gen Z grows to make up 40% of all U.S. consumers, they will become a massive economic force.
Overall, Gen Z is optimistic about diversity in regards to gender, race, and sexuality.
--Generation Z statistic
Core demographics (age, HHI)
*Age: 1995-2010 From 9 years old to 24 years old
*Gender: female & male & third gender (wikipedia)
*Damily size : (1,2,3,4)+
* Diversity：America’s Gen Z is expected to be very diverse, as over 50.2% of children will identify as mixed race or as part of an ethnic group in 2020. The “minority white” population will comprise 49.7% of the population in contrast to 24.6% for Hispanics, 13.1% for blacks, 7.9% for Asians, and 3.8% for multiracial populations. Further, just over 33% of children are projected to be non-Hispanic white by 2060. This growth is reflected in racial composition trends today and in the recent past. Between 2000 and 2010, the country’s Hispanic population grew at four times the rate of the rest of the country. Moreover, the number of mixed white-and-black biracial and the number of mixed white-and-Asian grew 134% and 87%, respectively. --Generation Z statistic
Population
Generation Z is expected to reach 2.56 billion individuals globally by 2020.
Within the US, Gen Z will reach 84.7 million by 2020, making up 24.7% of the American population.
Gen Z is the third-largest age group in the US, lagging behind Millennials and Gen X in terms of total numbers. This gap will likely not be closed for at least another 20 years.
Currently,1 in 5 Americans belongs to Generation Z.
By 2025, however, Gen Z will grow to become the largest generation at 29% of the population.
Spending Habits
By 2020, Gen Z will command 40% of all consumer shopping.
Spending Habits
Media Usage Habits
Major Trends and Traits amongst Segment
Why this an important consumer segement
Effective ways to market to this segment
Example of insight
Generation Z's shopping impulse usually driven by social media.
*video source from Youtube
Pros and Cons to reach Generation Z
Pros
- Generation Z is the leading consumer group, it will account for an astounding 40% of all consumers by 2020.
- Generation Z have been eager to acquire more personalized products and are willing to pay high prices for products that highlight their individuality.
- They have strong purchasing power
- They are true digital natives, easier to access.
Cons
-Companies must rethink how to provide value to consumers, how to scale and mass production to achieve personalization which is Generation Z needs.
-Generation Z anchored on ethics, therefore, companies must not only clearly identify the subject of their role, but must also ensure that everyone in the entire value chain is involved.
Work Cited
"Consumer Insights From Generation Z". Youtube, 2016, https://www.youtube.com/watch?v=vvnV1Bqh5ws&t=131s.
"‘True Gen’: Generation Z And Its Implications For Companies". Mckinsey & Company, 2018, https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies.
”Gen Z Spending Habits“. MASSLIVE Media, https://www.masslivemedia.com/gen-z-spending-habits /
