Here's Why Gen Z Will Change The World

Yes, it’s that headline again.  

If you’ve spent any time on the internet over the past three or four years, I can guarantee you’ve heard the phrase “gen z will change the world” at least once. But why are so many people saying this, and are they right? 

Well, we don’t have a crystal ball, but Gen Z research and Gen Z trends seem to point to some radical cultural and societal shifts spurred by this generation of innovators. 

Gen Z research shows that these guys hold a tonne of purchasing power, and the latest-gen z trends in spending habits and the influence on business are just the tips of the iceberg. 

From their impact on the climate to their shake-up of the economy, here’s why Gen Z will change the world.

75% of Them Already Believe It

At first glance, this statistic may look like the consequence of an overinflated ego. The truth is, everything we know about gen z suggests they’re not wrong to believe they can do it. 

Just take a look at Greta Thunberg. She may be like marmite for some, but this 16-year-old climate activist from Sweden has become the youngest person ever to be named Times Person of the Year. 

Despite her incredible achievements, Thunberg is just the symptom of a much larger movement - a mission to bring around a fairer and more sustainable world, supported by millions of Gen Z individuals around the globe. 

The sustainable climate shake-up is just one example. Gen Z has also led some radical campaigns and reforms around gun control, immigration law, human rights, and more. 

Such a huge movement, sparked by the poster girl for Gen Z’s mission to change the world, has also had an enormous impact on businesses and the economy across the world. This fact in particular may allow Gen Z to truly change the financial and socio-economic landscape of the world forever. 

Spending Power, Business, and the Economy

Spending power is simply the degree to which people have money to buy products and services. 

However, when one generation has the upper hand, it can wobble the scales dramatically. In 2020, it was estimated that Gen Z had a spending power of over $140 billion, spurring a money-hungry frenzy of retailers and businesses into a desperate attempt to rake in their cash. It’s really no surprise when you consider that this figure gives Gen Z and Millennials the spending power top spot. So, what exactly does this mean for businesses? 

The future of business will now depend on how well they appeal to Gen Z. Social responsibility, honesty, sustainability, and a generally fairer world are the most appealing characteristics to this generation. We’ve seen it through the surge of climate activism and action against social injustice, but for Gen Z, it trickles down to business, too.

Research suggests that Gen Z wants more authentic brands. In fact, 72% are more likely to buy from a company that contributes to social causes. However, if today's businesses want to thrive, they need to stand up and note what makes the Gen Z consumer loosen their purse strings. If they don’t, there’s a huge chance they won’t succeed. Enter: the economic impact. 

It’s simple: if businesses fail, the economy suffers - but it’s also more complicated than this. 

Gen Z is technologically savvy. They’ve grown up with the internet and social media at their fingertips. Consequently, they’ve collected heaps of knowledge and have access to a range of tools essential to marketing. Unsurprisingly, this has sparked an enormous surge of ‘entrepreneurial spirit’, which could once again completely alter the economic landscape. It’s estimated that a massive 62% of Gen Zers have started (or intend to start) their own business. 

With Gen Z at the helm, the future is looking very different. For many, it’s a welcome change, but such drastic movement will keep businesses the world over on their toes and hungry for their approval. 

As the world works to keep up with the younger generation, insight platforms like ours are now of immense interest. It’s a more lucrative time than ever to tap into the minds of your consumers and get to know and understand them on a much deeper level. It’s this commitment that will keep businesses moving in today’s world. 

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