Generation Z is expected to account for 40% of all consumers in just two short years, and the group (people born from 1995 to 2012) currently influences $4 billion in discretionary spending. According to recent data from MNI Targeted Media Inc., this rising demographic makes decisions based on identity, purpose and most of all, values.
In fact, 68% of those surveyed said that doing their part to make the world a better place is important and, therefore, directly impacts their buying behavior. More than 50% believe that knowing a brand is socially conscious influences purchasing decisions.
And the generation is cautious with money. Since they grew up during the Great Recession, 72% agree that price is the most important factor when making a purchase.
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Surprisingly, this digitally native group does appreciate time away from technology. While 54% look forward to new technological advancements, half still wish they had more time away from technology and 48% wish they put their phones down more. Finally, while 90% agree that media helps keep them in touch with what's going on in the world, 76% find it overwhelming.
"One of the most surprising things was the number of Gen Zers who were willing to share their personal contact information, indicating interest in being contacted again for their thoughts and input. Their willingness and desire to be part of the conversation when it comes to media, advertising and how they are understood was surprising," Vicki Brakl, VP marketing, MNI Targeted Media, told FierceRetail.
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Brakl notes that many marketers are already putting dialogues and programs in place to engage this important demographic in conversation.
"However, there could be additional benefits from having go-to panels of Gen Zers to ensure that marketers’ messaging across channels is perceived correctly," she added.