Gen Z is influenced by social media more than any other generation, reveals a study of 6,500 global shoppers aged between 16 and 24. According to the research, eight out of 10 use social platforms on multiple occasions throughout the day while seven out of 10 say they have purchased products they discovered on Instagram, TikTok or Facebook.
The study was commissioned by global payments platform Thunes, which says businesses must understand this generation if they are to achieve growth past 2030. Gen Zedders or Zoomers currently represent the largest population on earth, accounting for almost 2.5 billion people.
Its research also finds that Zoomers spend a slightly larger proportion (19 per cent) on online shopping than on socialising, eating out and entertainment. About a quarter in western markets almost never use cash while one of the most important drivers when they are considering a purchase is brand trust.
Thunes CEO Peter De Caluwe comments: “Gen Z is a misunderstood and overlooked generation, but we should start to take them seriously as the revenues and strategic plans of many businesses – especially those that are relying on fast growth – are dependent on them. We knew that social media would be a key part of a Zoomer’s daily life, but what our survey helped to reveal is the extent to which it is driving spending activity in this demographic. Failure to recognise the imminent influence of the digitally native Zoomer could result in a once perfectly shoppable brand witnessing slipping sales.”