NEW YORK, Aug. 31, 2017 /PRNewswire/ -- Born in 1996, the first wave of Gen-Z will not be headed back to school this September. Instead, these 21 year olds will be heading into the work force where their already significant influence will only increase. Getting jobs, living on their own, voting, and contributing to the economy will make this unique generation a must-reach target for brands, finds a just-published Fletcher Knight analysis, Not So Back-To-School: Gen Z Hits The Real World.
Gen-Z is and will be a mammoth future force. Projected to top 80 million in number, Gen-Z soon will represent over one-quarter of the US population, becoming the largest living generation by 2020.
Gen-Z's spending power is, and will be, vast. They already have an estimated $200 billion annual buying power, even with the majority of the generation below full employment age. In size, scale, and scope of influence, this is a generation that matters.
While that spending power makes Gen-Z a critical target for brands, reaching these digital-savvy consumers will be a significant challenge. The Fletcher Knight analysis finds that a traditional push marketing approach with a classic linear conversion model will not be nearly as effective with Gen-Z as it has been for previous generations. More often than not, Gen-Z consumers are initiating the interaction with brands where they want, when they want – not the other way around. Marketers must quickly begin to adapt to this new dynamic to win over this economically desirable target.
The latest article from Fletcher Knight covers four elements of Gen-Z relevant to marketers: who they are statistically, what influences have shaped them, core characteristics that define them, and how brands need to reach them.
About Fletcher Knight
Fletcher Knight Inc. is a global marketing consulting firm that promises to change the way companies think about building brands. The firm's area of expertise is translating consumer, customer, and expert insights into breakthrough ideas and strategies for growth. Founded in 2001, Fletcher Knight Inc. has delivered growth to many of the world's leading brands and companies.
SOURCE Fletcher Knight