Brands that connect with Gen Z, on average, see “14 times greater dollar growth opportunity”, as per IRI and The Female Quotient.
With Gen Z accounting for 20% of all US consumers plus $143 billion of direct purchasing power, it is the fastest growing consumer cohort. When it comes to factors influencing Gen Z’s purchase decisions, recommendations from friends and family at 59% was ranked the highest.
Other factors that motivate Gen Z to buy a product, are seeing a friend or family member use the product (54%) and TikTok videos (39%). Gen Z (38%) care about the environment/sustainability when purchasing food/non-alcoholic beverages.
35% of Gen Z want brands to break down gender barriers, for them to be relevant, compared to younger millennials (33%). Creating authentic, purpose-driven brand messaging and connecting on social networks can help brands attract Gen Z consumers.
[3 minute read]