October 23, 2023 | Blog
The Story of Z
As each new generation comes of age, it strives to reshape the world to match its own wants, needs, and values. Closely watched Gen Z is slowly taking its place among the world’s grownups, as entrepreneurs with their own vision and as consumers with their own spending power. And they are bringing quite a bit to the table.
Gen Z began behind the eight ball, with 72% of Gen Z business owners believing their generation has had fewer economic opportunities compared to previous generations, according to a Square survey by Wakefield Research. Despite – or because of – their additional struggles, for many of Gen Z their view of success looks outward. For example, 40% of Gen Z entrepreneurs define being a successful business owner as one who makes a difference in their community and beyond, while 36% say it’s building a business they can bring their family into, the survey found.
As consumers, a majority of Gen Z defy assumptions that they live and breathe online. Instead, they see online as a place to search and find inspiration, but many will purchase in a brick-and-mortar store. In fact, more than half (51%) plan to do a mixture of online and offline holiday shopping this year, according to a Faire report utilizing data from a survey by Wakefield Research.
Gen Z are also masters of leveraging rewards and discounts to pay for large purchases or experiences. More than two-thirds of Gen Z (68%) are enrolled in a travel rewards loyalty program, according to a custom PR survey for Barclays. Earning the most reward points is better than getting the lowest price for 46% of Gen Z, second only to Millennials (74%) in that regard.
As Gen Z’s economic power grows and they take over a larger share of the workforce each year, businesses need to pay closer attention to their values and habits. No longer kids, they are your customers and, in many cases, your competition.
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