Tech-savvy Gen Z big spenders with short attention spans

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Generation Z currently makes up approximately one quarter of the U.S. and U.K. populations and it’s a growing demographic with more than 350,000 born each day in the U.S. alone.

According to on-site agency provider, Oliver, “they might be young, but they’re surprisingly influential when it comes to family spending. Concerned about the future, they want their lives and the brands around them to matter”.

In fact, Generation Z are surprisingly big spenders receiving, on average, a weekly allowance of $16.90 which translates into $44billion each year. They also influence $600billion in family spending, says Oliver.

Furthermore, being brought up in a world of technology, this generation is very connected and use, on average, 5 screens (laptop, desktop, smartphone, iPod/iPad, and TV) – two more than Millennials. In fact, so entwined with their lives is technology that 79% display emotional symptoms of distress if unable to use their personal devices.

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Their reliance on technology also means that Generation Z are extremely adept at researching and prefer to buy products such as clothing, books, and electronics online. More than half (55%) of those surveyed for Oliver’s research said they’d rather buy clothing online than in a bricks-and-mortar store.

However, their technological prowess has a downside for brands and advertisers. Generation Z’s attention span is very short due to their ability to sort through enormous amounts of information online. According to Oliver their attention span is a mere 8 seconds, meaning brands and advertisers need to hook and engage this generation very quickly if they are to communicate any meaningful message.

An infographic reveals more findings from Oliver’s research.

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ABOUT THE AUTHOR

Kristina Knight-1
Kristina Knight, Journalist , BA
Content Writer & Editor
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Kristina Knight is a freelance writer with more than 15 years of experience writing on varied topics. Kristina’s focus for the past 10 years has been the small business, online marketing, and banking sectors, however, she keeps things interesting by writing about her experiences as an adoptive mom, parenting, and education issues. Kristina’s work has appeared with BizReport.com, NBC News, Soaps.com, DisasterNewsNetwork, and many more publications.