A new generation of innovators and disruptors that brands need to know about.
Gen Z is defined as those born between 1996 - 2012, now accounts for 19.3% of the Canadian population and is fast becoming an influential consumer segment. According to Stats Canada’s 2016 Census, there are 6.8 million Generation Z's making it the third largest generation behind the Baby Boomers (25%) and Gen X (21%) in the country. Millennials trail closely behind at 18%.
Gen Z accounts for 19.3% of the population, making it the 3rd largest generation in Canada.
Just as Canadian businesses are finally grasping the nuances of the millennial generation, we have the new kids on the block – Gen Z. Described as the generation who are the world's first digital natives, born into a totally wired world who only knows phones that are smart, internet that is high-speed and who live on YouTube and Instagram. They are frugal, like to work independently, and are more likely to become entrepreneurs. Brands who recycle marketing strategies used to engage millennials to target Gen Z will fail to capture the hearts and wallets of this elusive new generation.
With the oldest Gen Z’s now 22-years old, many are just graduating from university or college and joining the full-time workforce. The generation's spending power is quickly growing. In the US, Gen Z now accounts for 24.3% of the population. It is projected that by 2020 this fast emerging segment will make up 40% of all consumer spending representing $3 trillion. For Canadian businesses, the financial impact of this generation has yet to be monetized and published. Brands cannot afford to ignore Gen Z. Understanding their unique needs, wants and values is essential if brands want to successfully capitalize on this lucrative market today.
Want to uncover more about Gen Z?
THINK GEN Z is a start-up run by two teen entrepreneurs and our insights are gained from our growing network of fellow Canadian Gen Z’eders. We are able to share what’s cool and resonates with our generation. Contact us today and let us share our thinking.