They’re 30 million strong, they live at home and they are willing to tell you all about their spending habits. Is your marketing strategy geared for the Zillennial micro-gen?
A recent Forbes article honed in on the Zillennials micro-generation, the hybrid population that was born between 1990 and 2000. They’re 23-33 year-olds, bridging the Millennial and Generation Z gap, and many retailers believe their marketing departments already understand the demographic. After all, millennials and Gen Zers have been shopping for years!
However, retail marketing departments should be gearing some strategies specifically towards Zillennials, because they are a powerhouse spending group with some unique characteristics:
- They have serious spending power: According to Business Insider, as much as 48% of the Zillennial generation lives with their parents. Even those that contribute to parental households have money to burn on experiences and stuff. Retailers and brands should be keeping tabs on this.
- They are quite happy to share their data: Speaking of keeping tabs on information, new research from Tata Consulting Services reports that 70% of Millennials and 65% of Gen Zers are willing to trade their personal data for discounts and perks – and those numbers keep increasing. This suggests 70% of Zillennials could be handing over their data in return for a fair trade.
The Forbes article goes on to discuss the traits that make Zillennials special, including their employment status (54% are fully employed), and how they like to spend their money. For instance, by 2025, the Gen Z and Millennial cohorts are predicted to represent 70% of the luxe buyers – which will make investing in marketing to the middle sub-market of Zillennials worth every penny.
Jenn McMillen, Forbes.com
To read the full article, click here…
