By 2020, Generation Z will be the largest group of consumers globally. They will account for 40% of consumers in the US, Europe and BRIC countries and 10% in the rest of the world*. Companies that don’t engage with Gen Z successfully could rapidly lose market share.
* Source: Booz Co
Some of them may only be 9 years old, but Gen Z already have huge spending power. In the US, Gen Z currently have $200 billion in direct buying power but $1 trillion in indirect spending power by influencing household spending*. Gen Z's advanced digital knowledge and ability to assess factors such as price and availability from a young age make them increasingly influential in family spending decisions.
* Source: IBM