|Generation Z as Future Customers, Forecast to 2027|
|Understandings of the Preferences and Trends of the New Customer Base|
Generation Z currently makes up 24% of the global population and are set to have significant spending power. This "digitally native" population cohort, born between 1993 and 2007, will be an important customer base in the future. This age cohort is expected to be the most ethnically diverse and tolerant generation yet. It is also a socially and environmentally aware group. Companies that are tracking well with Gen Z are those that embrace authenticity and transparency.
Gen Z does not like being ‘sold to’ and prefers brands that enable user-generated content and use social media influencers to do their marketing. For manufacturers, these characteristics will have far-reaching impacts. Brands will no longer be the focal point for a generation that is shaped by constant connectivity and ready access to information, and receptive to non-formal channels of communication. Gen Z customers will be more comfortable with the idea of autonomous technologies and robots, given that they are the first generation to be born in the Internet and technology era.