Gen Z is named the most disruptive generation. By 2031, Gen Z’s income will increase 5 times as they become the next generation of consumers. They are projected to surpass Millennials’ income, reach over one-quarter of global income, and grow to over $2 trillion in global earnings. Gen Z is also the most diverse generation: 48% of Gen Z is non-white, more than any other generation, and 20% identify as LGBTQ+. This diversity informs the purchasing decisions of their generation.
Unlike other generations, Gen Z buys based on values. Amid the pandemic and civil unrest in 2020, Gen Z’s trust in major institutions dropped 10 percentage points from 56% to 46%. Gen Z wants to buy from brands they can trust; 65% of Gen Zers research product origins before purchasing and 63% trust recommendations from friends more than any other source to learn about products and brands. Gen Z prefers business practices that are sustainable, inclusive, ethical, and affordable.
In the United States, nearly half of teens are online constantly, spending over 10 hours a day on their mobile devices. Like the generations before them, Gen Z has brands that speak to them, using social media apps like TikTok, Instagram, Youtube, and Snapchat to inform their decision-making. Stay ahead of the game and make your brand relatable through mobile-first marketing.