The 31 million 18- to 24-year-olds and the 21 million 13- to 17-year-olds in the United States are making a profound impact on the American consumer economy, according to a report, which concludes that today's teens and young adults display a wide range of complicated and contradictory characteristics that create an unparalleled challenge for marketers.
Not only is generation Z (Gen Z) different from the Millennial generation that came before it, but it includes divergent demographic and psychographic segments that pose challenges to marketers.
The Gen Z young adults in the United States generate an aggregate income of $463 billion, while older teens (15- to 17-year-olds) have an aggregate income of $17 billion and have parents who spend $25 billion on their clothing and categories such as entertainment and personal care items, the report by Dublin-based Research and Markets said.
Compared to adults on average, Gen Z young adults are less likely to buy online and are more likely to make visits to the mall. Gen Z consumers are more likely both to use banking apps and to make frequent visits to their local bank branch. They are more likely both to download entertainment at home and to go out to the movies often, the report said.
The generation also prefers the idea of gender fluidity and harbours a broad view of sexuality because of which marketers have started responding by launching gender-neutral marketing campaigns and rolling out gender-neutral products that have traditionally been geared exclusively toward either males or females. (DS)
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