Gen Z Is The Richest Demo: Here's What You Need to Know About Them
Gen Z is a media-savvy generation that will have a significant spending power very soon, and Harley Block, SVP of Brand Partnerships at Awesomeness TV, tells Cheddar why this matters to companies.
Block says that marketers should consider that this generation is the largest and wealthiest in U.S. history. It’s also the most culturally and ethnically diverse, and the most socially conscious.
“They have their parents’ money, which equates to about $44 billion in spending power right now,” Block said. “They will account for about 40 percent of all U.S. consumers by 2020.”
It’s noteworthy that Gen Z consumes content across platforms. Nielsen’s July 2017 Audience Report suggests that while millennials are more likely to consume content on multimedia devices, such as Apple TV and subscription video on demand services. Gen Z, on the other hand, has a high penetration of those services, and also benefits from older technology their parents may use.
Block says that because Gen Z is very keen on entertainment, they are spending a lot of time on smartphones and digital devices, and watching less linear TV. Therefore, marketers really need to be proactive in getting branded content right.
“It’s about being able to reach this demographic, establish a relationship and connection with them,” he said, “but do it through something that’s also entertaining.”
For full interview [click here] (https://cheddar.com/videos/how-gen-zs-love-of-social-media-and-content-will-change-media).
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