We repeat it quite often here, consumption habits are constantly evolving and, with Generation Z, these are changing radically. This is what we learn from an American study by the Whop company. Across the Atlantic, the purchasing power of 18-29 year olds is estimated at around $143 billion and this population, fond of social networks, consumes a lot of content; mostly spending their time on TikTok (29%) and Instagram (28%). To summarize, 18-29 year olds represent the first generation where Facebook is not the most popular social network.
As the age of Internet users increases, Facebook becomes the most popular platform. Among millennials, this represents 37%. Among 45-59 year olds, we rise to 49%. Finally, 69% of those over 60 prefer the Social Network. But, this does not mean that “young people” are the most affected by the recommendations of influencers and content creators.
Whop’s survey shows that it’s all about income. In fact, 19.57% of people earning more than $100,000 say they are very likely to buy a product promoted by an influencer, compared to 5.93% for others. And to go further, an additional question was asked to the various respondents to find out how they would spend $50,000…
It appears that the young generation stands out the most from the others; all with some contradictions. Young people are expected to devote this hypothetical sum to their studies or their future. However, only 15% of Generation Z say they want to invest in a retirement savings account; compared to 26% among 45-60 year olds. 18-29 year olds are also the most likely to use their money for high-risk investments, such as cryptocurrencies (10% of respondents) or collectibles (7.5% of respondents).
Gen Z is also the population that favors the stability of a traditional 9-to-5 job over self-employment. In fact, 61% of the youngest say they prefer to earn $200,000 in a company, rather than $100,000 working as a freelancer. Conversely, 54% of 45-60 year olds would today prefer to earn less by working for themselves.
The survey ultimately shows that Generation Z is unlike any other. With growing purchasing power, habits, aspirations and objectives different from their elders, 18-29 year olds are reshaping the codes of consumption. And to reach them, advertisers and brands must aim right by seeking to understand their ambitions and create engaging and inspiring content. A one-size-fits-all approach simply won’t work with them!