How Gen Z is Making Waves in the Market
Generation Z is estimated to reach a quarter of the global income by 2031, surpassing Millennial income. Because of their swiftly growing influence, a company should relate to and include the market if they want any chance to capture the market. Studies have shown that Gen Z makes strong brand affiliation with brands that support inclusivity, sustainability, and ethical business practices and will oppose companies that promote racist or homophobic ones. Gen Z is already integrating into the economy and is spending a whopping $143 billion annually.
However, the purchasing power of Gen Z doesn't stop at what they spend on but includes their influence on what their family buys. Their influence has been shown to drastically affect what their family purchases. This influence adds another $127 billion to the total effective market of Gen Z. Generation Z is already demonstrating its control over what a company needs to do to succeed.