United States Gen Z Demographic Patterns and Spending Trends 2018: Gen Z Young Adults Generate an Aggregate Income of $463 Billion, While Older Teens have an Aggregate Income of $17 Billion

DUBLIN, Aug. 29, 2018 /PRNewswire/ --

The "Looking Ahead to Gen Z: Demographic Patterns and Spending Trends" report has been added to ResearchAndMarkets.com's offering.

The 31 million 18- to 24-year-olds in the vanguard of Gen Z and the 21 million 13- to 17-year-olds growing up behind them are making a profound impact on the American consumer economy. Gen Z young adults generate an aggregate income of $463 billion, while older teens (15- to 17-year-olds) have an aggregate income of $17 billion and have parents who spend $25 billion on their clothing and categories such as entertainment and personal care items.

This report provides an in-depth look at how members of Gen Z view the world and analyzes what drives their behavior as consumers. One overriding conclusion of the report is that today's teens and young adults display a wide range of complicated and contradictory characteristics that create an unparalleled challenge for marketers.

Despite being glued to their screens and living full lives on social media, these Gen Z digital natives continue to seek out consumer experiences in the brick-and-mortar world. Compared to adults on average, Gen Z young adults are less likely to buy online and are more likely to make visits to the mall. Gen Z consumers are more likely both to use banking apps and to make frequent visits to their local bank branch. They are more likely both to download entertainment at home and to go out to the movies often.

Another defining characteristic of Gen Z is their unprecedented comfort with the idea of gender fluidity and their broad view of sexuality. As a result, marketers have begun to respond to Gen Z consumers by launching gender-neutral marketing campaigns and rolling out gender-neutral products that have traditionally been geared exclusively toward either males or females.

Not only is Gen Z different from the Millennial generation that came before it, but it includes divergent demographic and psychographic segments that pose challenges to marketers. For example, when it comes to 18- to 24-year-olds paying attention to advertising or consuming traditional media, there are substantial differences across the lines of race and Hispanic origin. Non-Hispanic whites are far less likely than African American and Hispanic young adults to express positive attitudes about advertising and African Americans are much more likely to depend on traditional media.

Key Topics Covered:

1. Executive Summary

• Overview
• Scope and Methodology
• Demographic Profile
• Population of 13- to 24-Year-Olds Reaches 52 Million
• Gen Z Is Far More Diverse Than Other Generations
• Gender Fluidity Is a Marker of Gen Z
• Religious Institutions Lose Influence Among Gen Z Teens
• Gen Z Young Adults Are More Politically Engaged
• 18- to 24-Year-Olds Are Now Much Less Likely to Live Independently
• Cohabitation Far More Common
• Teen Marriages and Births Have Declined Precipitously
• Economic Profile
• School Defines the Lives of Most Gen Z Teens and Younger Adults
• Educational Achievement Is on the Upswing
• Teen Employment Trends Downward
• Summer Jobs Have Become Less Common
• Older Teens Much More Likely to Work
• Working Becomes Part of Life When Teen Years End
• Employment Patterns Vary Widely by Race and Hispanic Origin
• A Substantial Percentage of Young Adults Have Managerial or Professional Jobs
• Level of Personal Income of Gen Z Reflects Earning Capacity
• Gen Z Is Much More Likely to Depend on Earnings From Self-Employment
• Overview of Shopping Habits and Spending Patterns
• Brick-and-Mortar Shopping Still Appeals to Gen Z
• New Stores More Likely to Appeal to 18- to 24-Year-Olds
• Gen Z Young Adults Less Likely Than Millennials to Buy Online
• Gen Z Young Adults Are More Likely to Be Sole Purchase Decision-Maker
• Parents Are a Major Source of Teen Spending Power
• Food and Clothing Dominate Teen Spending Priorities
• Aggregate Income of 18- to 24-Year-Olds Totals $463 Billion
• Expenditures of Gen Z Consumer Units Total $260 Billion
• Highlights of Consumer Spending
• Gen Z Young Adult Males Especially Drawn to Spending on Clothing
• Under-25 Consumer Units Spend $9.8 Billion on Apparel
• In-Home Entertainment Soaks Up Biggest Share of Gen Z Entertainment Expenditures
• Gen Z Is Attached To Cellphones
• Entertainment Choices Stand Out
• Gen Z Likely to Continue America's Love Affair with Cars
• Used Cars Favored by Gen Z
• Gen Z Young Adults Far More Likely to Eat Out
• Use of Financial Services
• Gen Z Young Adults More Likely Than Their Millennial Predecessors to Have Bank Accounts
• Gen Z Most Likely to Use Mobile Banking Apps but Brick-and-Mortar Branches Still Appeal
• Many Teens Are Super Savers
• 67% of Teens Have Access to Bank Accounts
• Multicultural Young Adults Drive Growth in Ownership of Bank Accounts
• Multicultural Young Adults Are a Growing Force in Ownership of Credit and Debit Cards
• 19% of Teens Have Access to a Credit Card, 40% Have a Debit Card
• Digital and Mobile Payments Preferred by Gen Z
• Marketing to Gen Z
• Instagram and Snapchat Win Out Over Facebook
• Conventional Celebrities Lose Out to Social Media Stars
• Brands Ramp Up Influencer Marketing Campaigns to Reach Gen Z
• Traditional Promotional Strategies Are Less Likely to Influence Gen Z
• Advertising in Traditional Media Still Attracts Attention from Gen Z Young Adults
• College Market Represents a Multi-Billion Dollar Target for Brands
• College Students Favor Twitter or Instagram
• Old-Fashioned Direct Marketing Still Gets Results on College Campuses
• Most Hispanic Young Adults Stay Connected to Their Heritage
• Many Gen Z Latino Young Adults See Spanish-Language Advertising as Mark of Respect
• African American Young Adults More Receptive to Advertising

2. Insights and Opportunities

• Overview of Gen Z
• Gen Z Makes an Impact
• A Paradoxical Generation
• Plotting a Different Course
• A Generation of Savers and Strivers
• Far From Monolithic
• "A Tough Nut to Crack" for Marketers
• Marketing Opportunities
• Gen Z Offers a Big Payoff for Brick-and-Mortar Retailers
• Omnichannel In-Store Systems Required to Engage Gen Z Shoppers
• Retailers Reach Out to Gen Z With a Heightened Store Experience
• Clothes Matter to Gen Z
• Abercrombie & Fitch Reinvents Itself With Inclusive Gen Z Strategy
• Brick-and-Mortar World of Gen Z Consumers Extends Beyond Retail Stores
• Gender Fluidity of Gen Z Opens New Terrain for Marketers
• Gen Z Represents Significant Market Segment for Consumer Electronics
• Target Aims at Gen Z With New Consumer Electronics Brand
• Video Games Offer Unique Marketing Platform
• Gen Z Represents a Key Market for Restaurant Industry
• Gen Z Young Adults Can Offer High ROI for Marketers
• Gen Z Is Highly Receptive to Financial Services
• Financial Education Seen as Key Tool in Establishing Relationships with Gen Z
• Multicultural Young Adults Spark Growth in Banking Services
• Members of Gen Z Remain Strong Prospects for Auto Industry

3. Demographic Profile

• Population Trends
• Population of 13- to 24-Year-Olds Reaches 52 Million
• Gen Z Is Far More Diverse Than Other Generations
• One-Third of 13- to 24-Year-Olds Live in Just Four States
• Social and Political Views
• Gender Fluidity Is a Marker of Gen Z
• When It Comes to Gen Z's Views of Diversity, It's Complicated
• Religious Institutions Lose Influence Among Gen Z Teens
• Gen Z Young Adults Are More Politically Engaged
• Political Profile of Gen Z Varies Across Race and Hispanic Origin
• Young Women Are More Likely to Be Political Activists
• Today's 18- to 24-Year-Olds Are More Environmentally Conscious
• Living Arrangements of Gen Z
• Most Gen Z Teens Still Live in Family Households
• 18- to 24-Year-Olds Are Now Much Less Likely to Live Independently
• Cohabitation Far More Common
• Social Indicators
• Gen Z Teens Are Better Off Than Millennial Counterparts in a Number of Ways

4. Economic Profile

• Educational Achievement
• School Defines the Lives of Most Gen Z Teens and Younger Adults
• Educational Achievement Is on the Upswing
• Employment Trends
• Teen Employment Trends Downward
• Summer Jobs Have Become Less Common
• School Gets Priority Over Work
• Older Teens Much More Likely to Work
• Working Becomes Part of Life When Teen Years End
• Young Adult Men More Likely to Work Full-Time
• Employment Patterns Vary Widely by Race and Hispanic Origin
• A Substantial Percentage of Young Adults Have Managerial or Professional Jobs
• Income Levels
• Level of Personal Income of Gen Z Reflects Earning Capacity
• Gen Z Is Much More Likely to Depend on Earnings From Self-Employment
• Earnings Gender Gap Still Holds Among Young Adults in Gen Z

5. Overview of Shopping Habits and Spending Patterns

• Shopping Habits
• Brick-and-Mortar Shopping Still Appeals to Gen Z
• Gen Z Young Adults Have Positive Thoughts About Brick-and-Mortar Shopping
• New Stores and Specialty Stores More Likely to Appeal to 18- to 24-Year-Olds
• Gen Z Young Adults Less Likely Than Millennials to Buy Online
• Gen Z Young Adults Are More Likely to Be Sole Purchase Decision-Maker
• Spending Patterns of Gen Z Teens
• 15- to 17-Year-Olds Generate Significant Personal Income
• Parents Remain a Significant Source of Teen Spending Power
• Parents Spend $25 Billion on Clothing and Miscellaneous Items for Teens
• Food and Clothing Dominate Teen Spending Priorities
• Spending Power of Gen Z Young Adults
• Aggregate Income of 18- to 24-Year-Olds Totals $463 Billion
• College Education Leads to Higher Incomes for Gen Z Young Adults
• Overview of Gen Z Consumer Units
• Gen Z Consumer Units Defined
• Profile of Gen Z Consumer Units
• Expenditures of Gen Z Consumer Units Total $260 Billion
• Spending Priorities of Gen Z Consumer Units Differ

6. Highlights of Consumer Spending

• Apparel
• Gen Z Young Adults Place High Priority on Buying Apparel
• Gen Z Young Adult Males Especially Drawn to Spending on Clothing
• Gen Z Women Outpace Apparel Expenditures of Older Women
• Under-25 Consumer Units Spend $9.8 Billion on Apparel
• Consumer Electronics and Entertainment
• Gen Z Allocate Below-Average Ratio of Expenditures to Entertainment
• In-Home Soaks Up Biggest Share of Gen Z Entertainment Expenditures
• Gen Z Is Glued to Cellphones
• Cellphones Are a Major Expense for Gen Z
• Gen Z Lags in Ownership of PCs and Tablets
• Gen Z Most Likely to Download Entertainment
• Video Games Most Popular Among Gen Z
• Movies and Live Entertainment Events Are Still Important to Gen Z
• Automotive
• Gen Z Likely to Continue America's Love Affair with Cars
• Automakers Hedge Bets to Accommodate Gen Z City Dwellers
• Used Cars Favored by Gen Z
• Food
• Gen Z Moves Toward Healthier Food
• Gen Z Is More Willing to Experiment With New Foods
• 
  
• Eating Habits of Young Adults Have Changed Over the Past Decade
• Gen Z Young Adults Far More Likely to Eat Out

7. Use of Financial Services

• Banking Services
• Gen Z Adults More Likely Than Millennial Predecessors to Have Bank Accounts
• Gen Z Most Likely to Use Mobile Banking Apps, but Brick-and-Mortar Still Appeals
• Many Teens Are Super Savers
• 67% of Teens Have Access to Bank Accounts
• Most Gen Z Teens Are Comfortable With Traditional Banking Institutions
• Multicultural Young Adults Drive Growth in Ownership of Bank Accounts
• Ownership and Use of Credit and Debit Cards
• Gen Z Moves Toward Increased Ownership of Debit/ATM Cards
• Multicultural Young Adults Are Growing Force in Credit and Debit Cards
• 19% of Teens Have Access to a Credit Card, 40% Have a Debit Card
• New Credit Cards Launched to Meet Needs of Gen Z
• Other Financial Services Trends
• Gen Z Teens Favor Cash and Peer-to-Peer Payment Services
• Digital and Mobile Payments Preferred by Older Members of Gen Z
• 18- to 24-Year-Olds More Likely to Use Cash to Pay Bills

8. Marketing to Gen Z

• Overview
• Brands Most Likely to Find Gen Z on Social Media
• Instagram and Snapchat Win Out Over Facebook
• Gen Z Consumes Vast Quantity of Videos on Social Media
• Conventional Celebrities Lose Out to Social Media Stars
• Brands Ramp Up Influencer Marketing Campaigns to Reach Gen Z
• Gen Z Sets a High Bar for Brands
• Traditional Promotional Strategies Are Less Likely to Influence Gen Z
• Advertising in Traditional Media Still Attracts Attention from Gen Z Young Adults
• Marketing to Gen Z College Students
• Population of 18- to 24-Year-Old College Students Exceeds 12 Million
• Gender Gap Remains Wide on College Campuses
• Gen Z College Students Are Far More Diverse Than Their Millennial Predecessors
• College Market Represents a Multi-Billion Dollar Target for Brands
• Gen Z College Students More Likely to Use Financial Services
• College Students Favor Twitter or Instagram
• Old-Fashioned Direct Marketing Still Gets Results on College Campuses
• Multicultural Marketing Perspectives
• Most Hispanic Young Adults Stay Connected to Their Heritage
• Many Gen Z Latino Young Adults See Spanish-Language Advertising as Mark of Respect
• African American Young Adults More Receptive to Advertising
• African American Young Adults Most Likely to Turn to Traditional Media

Companies Mentioned

• Facebook
• Instagram
• Snapchat
• Twitter

For more information about this report visit https://www.researchandmarkets.com/research/9lhpxp/united_states_gen?w=5

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