Featured in Yahoo Finance Article on Gen Z and Money!
I was thrilled to be included in a Yahoo Finance feature article where I had the chance to talk about one of my favorite areas of study: Gen Z and money! This is a subject I’m passionate about because there is a lot of mainstream confusion about how Gen Z handles money and what their financial future could look like.
The article discussed some great findings from NielsenIQ’s “Spend Z” report, which predicts that Gen Z’s spending power will reach an incredible $12 trillion by 2030. Just think about that—and by 2029, Gen Z is expected to outspend Baby Boomers! That is a huge shift, and it should impact how we view this emerging generation and their future financial impact.
For me, what stands out is that Gen Z is the most valuable generation for many brands to connect with right now. Gen Z’s lifetime consumer value is currently unmatched, and we’re only beginning to see how much influence they’ll have on trends and markets. Brands that recognize this early and adapt to engage Gen Z will be ahead of the curve.
The report also showed that Gen Z’s spending is set to grow at twice the rate of previous generations over the next decade. As the first digitally native generation, they’re using social media not just to connect with friends but to research and make buying decisions—especially in areas like health and beauty. The areas they explore and influence will only increase as they further enter their late 20s and eventually their 30s.
What’s really interesting is that, even though they’re digital natives, Gen Z still loves to shop in retail stores. Gen Z is blending their online and in-person experiences in a way that’s unique to them. This is an important reminder for brands to not only have great digital or in-person experiences, but be able to seamlessly connect them for Gen Z. If you’re not offering that hybrid shopping experience, you could be missing out on a big opportunity.
I believe right now is one of the most important times for brands to understand Gen Z. Their preferences are already creating new trends that will shape the market—and older generations—for years to come.
In my keynotes about Gen Z, in my bestselling book on Gen Z, Zconomy, and through our ongoing research at The Center for Generational Kinetics, I’ve always emphasized the importance of accurately understanding Gen Z and their financial behaviors. The latest data from NielsenIQ adds even more depth to the Gen Z conversation, and it’s something every leader, marketer, and family(!!) should know.
I encourage you to check out the full story and all the great charts here, and share it with your friends and family!
Posted: September 10th, 2024
Categories: Consulting | Gen Z | Generations | Leadership | Millennials | Millennials (Gen Y) | Trends | Zconomy | Zillennials
Written by Jason Dorsey
Jason Dorsey is an acclaimed generations and behavioral researcher and speaker. He's received over 1,000 standing ovations for his unique keynote presentations. Jason has led over 120 research studies. Adweek calls him a "research guru." His mission is to deliver new insights and practical strategies that solve business challenges for leaders.
