(Photo Credit: Image.works)
Move over Millennials, Generation Z is the next market that marketers are brands are going to target in the near future. When comparing numbers, 74% of Millennials state that they were influenced by social media to purchase items while 80% of Generation Z is influenced to purchase thanks to social media.
These statistics are no surprise as Generation Z was literally born with technology at their fingertips. Millennials had a space in time where the Internet was a relatively new thing and extremely slow at that. Generation Z was born into a time where social media was up and coming and now they are probably the most tech savvy of the generations.
The top social media platforms for Generation Z are Instagram, Snapchat, and YouTube, in that order. Other surprising stats in this article state that Generation Z is less concerned with price than Millennials. This means that Generation Z was more willing to buy luxury items than their counterparts. This only means better news for luxury if they were more willing to be on social media.
Brands who refuse to use social media to their full advantage will soon feel the pain since generations coming will only begin to rely on the convenience of online, mobile, and social media. Luxury will certainly have to take this into account due to their reluctance of selling online to seem more exclusive and have more control. Generation Z and the generations that follow them are going to be the main target markets and brands are going to try to have to use the tools at hand to really reel them in and influence them through the one hot commodity they have now–social media.