Gen Z, which includes individuals between the ages of 10 and 20, is already a powerful generation of consumers at 40% of the world’s consumer population. With a combination of spending their own money and having family money spent on them, they are currently spending $170 billion dollars every single year.
By 2031, Gen Z will be making more money than millennials, and they will be the largest group of consumers. With all of this in mind, brands must get in the game now to gain the attention and brand loyalty of this young population. However, brand loyalty for Gen Z doesn’t work the same as it did for previous generations.
Gen Z is different. They are the most diverse generation with nearly 50% being non-white and a large percentage having at least one immigrant parent. They are also diverse in their sexual orientation and gender identity. The number of LGBT+ individuals is doubled compared to other generations, and Gen Z’ers are looking for brands that are focused on inclusion.
When it comes to brand loyalty, Gen Z doesn’t care about past experience nearly as much as making sure that brands are in alignment with their principles, which include things like sustainability, race, gender, and sexual orientation inclusivity, affordability, and reputable business operations.
Brands who want to stay relevant to this young generation must maintain a reputation and an online presence that will reach Gen Z where they are and make them feel they are contributing to something bigger when they engage with a particular brand.
