Data Dive: Debt, Data Breaches And New Spenders
Posted on August 27, 2018
A New Generation Of Spenders Rising
Move over millennials — there is a new generation of cool kids rising and getting ready to dominate shopping.
Say hello to Generation Z, which USA Today says will dominate 40 percent of all shopping by 2020.
Engagement Labs, a data and analytics company that assists marketers, says the group of people born between 1997 and 2016 are 86 million strong and influence $600 billion of spending by families. This group is also big on conversations — both online and offline — with Engagement Labs finding them to drive 19 percent of purchases.
“You see an advertisement, people know it’s a paid endorsement,” says Brad Fay, Engagement Labs’ chief commercial officer. “It’s only got so much credibility … the most powerful messages are ones that come from someone you know.”
Engagement Labs further found — through conversations with thousands of teenagers — that their favored topics of conversation across a 24-hour period included gadgets, drinks and snack foods. Fay noted that they found Generation Z to be a very social group of people. As a result, digital devices from the likes of Apple and Samsung are going to be popular with this group, as are food and beverage brands.
Read the full PYMNTS.com article, here.
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