“With buying power of more than $140 billion, Gen Z is the fastest-growing consumer segment with unique purchasing values in mind and the willingness to act upon them.”
Gen Z, representing people born between 1996-2015, has a buying power of more than $140 Billion and will be the largest generational segment in the economy by 2023.
Driven by their values, Gen Z urges companies to use their scale to push for Environmental Progress, Human Rights, Inclusion, Honesty and Transparency across their businesses. These are the demands of the most influential generation:
Environmental Progress
93% of Gen Z believes brands have an obligation to take a stand on environmental issues. Whether that means developing company-wide environmental policies or making smart climate-related investments, younger consumers want to see actionable plans and measurable progress.
Human Rights
Embodying strong ethics, Gen Z pays attention to the health and safety of a brand’s workers and their working conditions and practices when establishing brand loyalty.
Inclusion
Diversity, Equity and Inclusion (DEI) must be embraced by brands not only through external campaigns but also by promoting DEI in the workplace. Overall, Gen Z believes that actionable initiatives and diverse leadership are critical aspect of a successful company.
Honesty and Transparency
Honesty and transparency in a digital age set great companies apart from all others. In an era of “fake news” and “constant communication”, 90% of Gen Z (and Millennials) personally care if they receive honest information about products before building loyalty and trust with a brand.
Gen Z relies on advocacy and activism to initiate change and push for progress. Grounded by their values and ethics, many feel empowered to take action. An example of youth activism driving change can be seen in Voyagers. Voyagers is a youth-built platform developed to promote community support for sustainable businesses. The platform allows members to navigate campaign creation, accelerate supporter engagement and gain valuable Gen Z consumer insights.
Gen Z voices have the power to advance the most important issues of our time and drive solution integration into private sector decision-making.