Move Over Millennials, There’s a New Marketing Target In Town!
Move over millennials, there’s a new marketing target in town! Generation Z or iGeneration, aged 11-23, are consumers who grew up in a completely digital world. Research conducted by Mintel shows that iGens are now the fastest growing generation making up 17% of the US population.
As consumers, iGens are an important segment for the health and beauty sector to understand because:
1) They’re entering their prime spending years and will soon enter adulthood; and
2) They’re quickly replacing millennials as the young, influential trendsetters.
Mobile Styles has identified the important details of how your brand can respond to their growing needs.
iGens’ top spending is on entertainment
Many young iGens are still supported financially by their parents. These youngsters who receive allowances or have part-time earnings save up their money and spend it on entertainment. This includes buying concert tickets, makeup shopping, and music festivals. Many of them even use their money for a haircut, mani and pedi, and the occasional massage.
37% of iGens aged 22 personally pay for all purchases
Research shows that only a minority of iGens can support themselves. Majority of them are partially dependent on their parents. iGens’ adulthood is an extended adolescence for many. Full adulthood may only be realized when they start their own families, many of which use the extra money they save or have for hair treatments or a tanning session.
The importance of peer influence
For this growing generation, their friends and their knowledge of a brand is a major influence when it comes to their spending habits. Up and coming brands should look into tapping this group through word of mouth and online reviews. The more they see and hear your brand in their circle of friends, the more you expand your market to iGens the more you will expand your market to iGens.
Focus on value and usefulness
Many of the adult iGens have said that they value price and usefulness above all else. Strengthening an established relationship with them will only continue to earn benefits as their spending power increases.
The way to their heart is through their hobbies
iGens love their hobbies and are passionate about their interests. Having been the first generation raised in a digital world, they have an easier access to an extensive collection of music, art, and movies. Tap into these hobbies and interests and reeling iGens in will be a cakewalk.
Cautious risk takers
Gone are the days where teens dared to live a life on the edge. iGens are taking smaller, safer risks. They are less likely to drink, smoke, or do drugs compared to teens from previous generations. Consider connecting with them in fun, quirky ways like how makeup brands and fashion companies are partnering with arts and music festivals.