The oldest members of Gen Z are just beginning to come of age (those that were born between 1995 and 2010) But there is no denying their $44 billion in buying power. They are a larger generation than their predecessors the Millennials, and they are a different kind of shopper.
According to a study by NRF and Prosper Insights & Analytics -
Gen Z College Students are active across the board when it comes to social media channels. Aside from Instagram, there is a huge gap between where they go to interact with brands, peers, and family members.
There is a clear value for brands to be on social media. 72% of Gen Z’ers claim they are more likely to purchase from a brand they follow on social media. It's no surprise that these “Digital Natives” spend more than 5 hours a day online.
What are the TOP 3 Ways your brand can engage and attract Gen Z consumers online? Tutorial Videos - Video Content is the number one way to create an emotional connection with your customers, whether it be beauty, skincare, or a try on session Gen Z is more likely to gravitate. Sweepstakes - Doing giveaways, contests, or sweepstakes. Gen Z is inclined to spread awareness of a brand to friends and family when offered a chance to win product.
Sharing Content - Simply being present and sharing consistent content across the appropriate channels for your brand. Building this awareness will boost your chances of discovery. What is your favorite way to SHOP? Let us know in the comments section below!
Although Gen Z tends to do extensive research online, they actually prefer to purchase in-store! So a few more things to keep in mind a recent study done by Forbes shows that 60% of Gen Z consumers will not utilize a platform that is slow, or difficult to load.
Make sure it is easy to find a local store on your site. And last but not least they crave authenticity and love to purchase from a brand with an interesting backstory.
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Sources:
https://nrf.com/blog/how-brands-can-use-social-connect-gen-z
https://www.businessinsider.com/retail-courts-gen-z-spending-power-over-140-billion-2020-1
http://www.millennialmarketing.com/wp-content/uploads/2018/01/Barkley_WP_GenZMarketSpend_Final.pdf
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