With millennials aging, businesses race to keep up with Gen Z
Millennials have been accused of killing so many products and industries — taxis, landlines, snail mail — that it’s become a media trope. But millennials are old news. Today, businesses and marketers are desperately anticipating the murderous whims of Gen Z, the demographic born after 1996, writes Riley Griffin at phillynews.com.
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Sometimes called “post-millennials” or “iGen,” Gen Z makes up more than one-fifth of the U.S. population and is the most racially and ethnically diverse group in the nation’s history. They’re true digital natives who report being online “almost constantly,” according to a 2018 study by Pew Research Center. (Psychologists have said their technology use has produced a national mental-health crisis.)
More than 70 percent of Gen Zers influence their family’s spending, according to a 2017 report from International Business Machines Corp. and the National Retail Federation. With that kind of sway and billions of dollars in spending power, they have businesses scrambling to understand their desires.
To read the full story, click here.
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