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NIQ and World Data Lab unveil the “Spend Z” Report.

Diposting pada 18 Juni 2024 oleh admin / Dilihat: 0 kali

A new comprehensive report on the spending trends of Generation Z, expected to be the largest – and richest – generation in history

“Spend Z” identifies Gen Z market purchasing trends, which will reach $12T by 2030

Strong ESG sentiment is emerging with 77% of Gen Z saying they will not buy from countries with poor environmental standards, and identifying the spending patterns of future generations

Chicago–(ANTARA/Business Wire)– NielsenIQ (“NIQ”) collaborated with World Data Lab (WDL) to publish the first comprehensive generational shopping report focused on Gen Z. The research and analysis is presented in “Spend Z” report. highlighting NIQ’s commitment to providing actionable market insights.

This report reveals exactly what companies seeking to secure a path to growth need to urgently and deeply understand about Gen Z, the largest and first global generation ever, including their preferences, spending habits, values, priorities , how and where they shop, what they need. purchases, and how they impact the purchasing patterns of other generations.

The report found that Gen Z, defined as anyone born between 1997 and 2012, has a makeup 25% (2 billion) the world’s population, and their global purchasing power is expected to grow to $12 Trillion USD by 2030, potentially making them the richest generation in any region of the world. The youngest generation is expected to outspend the Boomer generation by then. By 2034, Gen Z will increase global spending by $9 trillion, more than any other generation.

“Gen Z is here, they are ready to spend, and companies need to know how to pivot to serve them. Understanding what makes this generation different is key to unlocking the more than $12 Trillion USD growth opportunity they represent,” he said Tracey Massey, NIQ Chief Operating Officer. “Companies are trying to understand growth opportunities with Gen Z, and how they impact others. “Spend Z” is just one example of how NIQ helps our clients uniquely achieve their ambitions by anticipating and meeting consumer needs.”

Generation Z Key Points:

• They demand authenticity: They are more interested in authentic relationships with influencers and brands. “Being true to yourself” is the description of the success of Gen Z who is ranked number one globally. A sense of belonging and self-worth are two other key values, along with a strong sense of identity linked to social causes and activism.

• Unprecedented foot traffic: In-store purchases account for nearly 50% of their income and are higher than previous generations, although Gen Z started their shopping journey online, rate online reviews from other shoppers as the most important factor when shopping and are heavily influenced by social media.

• Global purchasing power: Generation Z will be the highest consumer spending group in many regions, and account for 30% of the global workforce by 2030. North America, Europe and APAC will continue to dominate the majority of country spending, as APAC becomes increasingly important. They currently account for a larger share of consumption in regions including Sub-Saharan Africa, the Middle East & North Africa, and LATAM & the Caribbean, where they constitute a larger share of the population.

• Health and well-being are important…to some extent: Overall they are health conscious and sustainability minded. The most dynamic growth in demand among the Gen Z consumer class is in the health and alcohol/beverage categories.

o 81% of TikTok USD sales are estimated to come from health and beauty, and this represents a huge impact.

o More than 50% of Gen Z have used a fitness or exercise app, and 17% have used a fitness band to track health and fitness information.

• Behaviors that accelerate technology:

o Online reviews from other shoppers are especially important when shopping as 53% of the Gen Z population is likely to make purchases on social media or live streaming platforms.

o 26% of Gen Z use their phones when physically shopping in stores to make decisions compared to 23% of Gen Y, 18% for Gen X, and 12% for Boomers.

With Gen Z prioritizing health and the environment, we also expect NIQ Better For™ – a classification that utilizes our proprietary algorithm to identify brands through product characteristics, positioning, sales and distribution – products will continue to grow faster than conventional products. This category includes products that are “better” for consumers, the environment, and society. Today, small brands and younger generations drive 62% of the category’s growth.

“Gen Z is the most connected, largest and most influential generation,” said NIQ Head of Communications Marta Cyhan-Bowles. “Gen Z will have fewer children – later in life, will have unprecedented purchasing power, and will continue to prioritize certain categories – such as health and wellness – to the point that previous generations did not. Our analysis is unequivocal: investments in Generation Z today will pay off tomorrow.”

“Gen Z is the largest, richest and most global generation” said Wolfgang Fengler, CEO, WDL. “Businesses need to know that Gen Z numbers 2 billion people, and meeting their needs is a must.”

About Z Shopping

Spend Z considers Gen Z in the short, medium, and long term, with a comparative analysis of brand loyalty across generations and an in-depth look at what it means for companies in the CPG, technology/durables, and retail industries. This report is mission critical for thought leaders and decision makers who want to steer their companies toward the next frontier of successful growth – while protecting the success of their existing businesses. Download a free copy of the report.

About NIQ

NielsenIQ (NIQ) is the world’s leading consumer intelligence company, providing the most comprehensive understanding of consumer buying behavior and uncovering new pathways to growth. NIQ merged with GfK in 2023, bringing together two industry leaders with unmatched global reach. NIQ currently operates in more than 95 countries covering 97% of GDP. With holistic retail reading and the most comprehensive consumer insights—delivered with advanced analytics via a sophisticated platform—NIQ delivers Full View™.

About World Data Lab

World Data Lab (WDL) creates forward-looking data to measure and forecast consumer trends, consumer spending, demographic shifts, and progress toward the SDGs through 2034. Our advanced data science approach, peer-reviewed and published in Nature, delivers Unmatched accuracy, freshness and consistency of results across demographic groups in 180 countries and more than 6,000 cities.

Research methodology

The “Z Shopping” report estimates consumer spending by combining household spending data obtained from national statistical agencies with population data from the UN and IIASA, combining 2,065 surveys covering 160 countries in the NIQ database. If a country does not have survey data, expenditures are calculated by identifying the characteristics of other countries that have a similar structure, and are optimally selected using statistical techniques.

Survey data is adjusted to be consistent with household expenditure listed in each country’s national accounts. These estimates and forecasts are based on IMF projections for the medium term and the Joint Socioeconomic Pathway developed for the UNFCCC for the long term. This comprehensive process enabled NIQ and WDL to produce detailed and reliable estimates of consumer behavior across 183 countries from 2016 to 2034, broken down by age, gender and income class. We further sorted total spending into more than 100 different product categories using the COICOP classification. Our core method has been peer reviewed in nature https://www.nature.com/articles/s41599-018-0083-y

Contact

Global Media Contact List:

Global:

Sweta Patra

Asia Pacific:

Lisa Martija

COMPACT:

Ari Rodriguez

North America:

Gillian Mosher

Western Europe:

Julia Mayer

EMEA:

Melina Mammidou

Source: NielsenIQ

Reporter: PR Wire
Editor: PR Wire
Copyright © ANTARA 2024

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