GEN Z: THE NEXT GENERATION IN STUDENT HOUSING MARKETINGTAGS / Gen Z AUTHOR / admin DATE / November 23, 2016
WHO IS GEN Z?
Gen Z is the generation that follows Millennials. They were born between the mid-90s and 2010, although there is some debate over the actual cut-off dates. They have grown up with smartphones, that have access to the Internet, and are even more tech-savvy than the Millennials.
With more of the Gen Z population heading off to college, it is important to start learning about them.
HOW BIG IS GEN Z?
Gen Z makes up 25% of the U.S. population. This makes them even larger than both the Baby Boomers and Millennials. In fact, by the year 2020, Gen Z will account for 40% of all U.S. consumers. Think about that for a minute. That’s almost half of the U.S. consumers in one generation.
This generation is too big to ignore anymore. In order to succeed in business, marketers will have to start appealing to their likes and avoiding their dislikes.
HOW MUCH BUYING POWER DO THEY HAVE?
With such a large population, Gen Z has a considerable effect on the U.S. economy. Gen Z has a combined buying power of $43 billion. They also help influence another $600 billion in family spending. It is clear that Gen Z will dominate U.S. market in just a few short years.
Marketing to this generation will be different. Since Gen Z will have incredible buying power, this is a generation that your business can’t ignore.
HOW DOES THIS AFFECT STUDENT HOUSING?
What does this have to do with student housing? With Millennials leaving college and more Gen Zer’s starting college, this new group of consumers will soon control the student housing market.
Gen Z does not want the same things that Millenials did and must be reached in different ways. What may have worked in student housing before, will not be as successful anymore. It is important to start thinking about the changes that this generation will bring with them, so that your business can adapt to the changing marketplace.
This is just the first in a series of Blogs that will dive deeper into the psychographic and Buying Behavior of Gen Z. Be on the lookout for the next Blog, coming out soon!
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