The new target demographic is Gen Z or iGen, those born between the mid-1990s and 2009.
They are a unique bunch, with unique tastes and habits that brand managers and marketers should get up to speed on.
Some marketers are already rolling; others have to play catchup. Here are some of Gen Z’s principal characteristics and how brands can reach them:
First, they have more available funds.
Members of Gen Z are in their late teens or early 20s. About half support themselves; the other half rely on their parents for financial support. This duel dependent/independent status makes them influential in household purchases, and some are consumers themselves.
Millennials are the most weighted down by student loan debt; Gen Z’ers aren’t quite there yet. Of those with student loan debt, three-fourths have not yet begun paying it off, so they have disposable income for purchases.
Second, Gen Z is an idealistic bunch.