Market Overview

U.S. Gen Z Youth Have Already Developed the Buying Power of a Small Country

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U.S. Gen Z Youth Have Already Developed the Buying Power of a Small Country

PR Newswire

ROCKVILLE, Md., Aug. 2, 2018 /PRNewswire/ -- With a buying power exceeding $500 billion, Gen Z teens and young adults have at their disposable a spending ability that is comparable to the GDP of money countries , including Belgium, Poland, Sweden, Thailand, and Venezuela, , according to  Looking Ahead to Gen Z: Demographic Patterns and Spending Trends, a new report from Packaged Facts, a leading market research company,   The report provides a comprehensive look at  Generation Z (defined as encompassing ages 13-24), which  comprises  52 million Americans and represents 16% of the U.S. population Between the money they have and the money their parents spend on them, Gen Z is already having a significant impact on the American economy.

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Gen Z's potential as consumers is a factor which retailers should not overlook.  While they grew up with modern technology, many Gen Z consumers employ a more "old-fashioned" approach to shopping:  67% of them prefer to make a purchase in a store as opposed to shopping online, or to shop using an app, the report found. Brick-and-mortar clothing retailers may want to consider targeting them as significant consumers as Gen Z seems to also favor shopping for clothes and shoes. Gen Z young men spend 53% more money on apparel than their Millennial counterparts. Generation Z also enjoys experiencing entertainment outside of the home more than their Millennial counterparts, with many  Gen Z young people regularly attending movies and concerts or other live performances, perhaps because they are much less likely to have children.

"Gen Z is anything but monolithic or expected," says David Sprinkle, research director for Packaged Facts. "A common thread between the diverse array of Gen Z kids seems to be their tendency to weave social media, and digital experiences into their physical, everyday lives. For a brand to be big with Gen Z, having brick-and-mortar store locations and a strong online presence are both essential to generating business and buzz."

About the Report

Looking Ahead to Gen Z: Demographic Patterns and Spending Trends provides key insight into the demographics and spending patterns of the United States' up-and-coming generation.  This report assesses Gen Z' impact on the American consumer economy through detailed demographic information, age-specific consumer surveys across many different industries, analysis of technology's impact on Gen Z habits and spending, thoughtful comparisons between Gen Z trends and past generational trends, and case study analyses regarding Gen Z targeted advertising campaigns.

View additional information about Looking Ahead to Gen Z: Demographic Patterns and Spending Trends, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/updates/gen-z-demographic-trends.

About Packaged Facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

For more essential insights from Packaged Facts be sure to follow us on Twitter and Google+. Please link any media references to our reports or data to https://www.packagedfacts.com/.

Press Contact:
Daniel Granderson
240.747.3000
dgranderson@marketresearch.com

 

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SOURCE Packaged Facts

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