Gen Z has US$360B to spend, trick is getting them to buy
BNN Bloomberg
If companies seem to be obsessed with Gen Z, it may be for good reason. The cohort has US$360 billion in disposable income, more than double an estimate from three years ago.
If companies seem to be obsessed with Gen Z, it may be for good reason. The cohort has US$360 billion in disposable income, more than double an estimate from three years ago.
An increasing number of Americans in their early 20s and teens are working full-time jobs or making money with side hustles, according to a report from research and advisory firm Gen Z Planet.
Gen Zers also continue to save a lot of those earnings, backing up their reputation as thrifty consumers who’ve been shaped by economic uncertainty and learning early on how to find deals online. On average, they put away about a third of their income, the report said.
“They’re kids of the 2008 recession, and now they’re the graduates of the COVID pandemic,” said Hana Ben-Shabat, founder of Gen Z Planet. “Those two things really influenced a lot of how they view money.”
Retailers and brands are increasingly trying to figure out how to court this group because the key to longevity is winning over multiple generations of consumers. That’s been a struggle for department stores and clothing chains.
