Demographics

Luxury faces more muted growth prospects: An excerpt from our report explains how and why luxury sales growth will slow in the coming years compared with the explosive growth seen in the recent past.

33% of US Gen Z consumers have purchased a product from an influencer-founded brand in the past year, followed by millennials (29%), according to Morning Consult.

And their desire for more guidance from financial professionals opens up opportunities for strengthening relationships.

51.1% of US Snapchat users will come from Gen Z this year, according to our September 2023 forecast. TikTok is also dominated by Gen Z, with 44.7% of users coming from that age group.

Snapchat+ keeps on growing: The subscription service now has 7 million subscribers, with AI being a key driver of interest.

Gen Z's preference for Pinterest influences retail strategies: The platform's positive, noncompetitive nature aligns with Gen Z's mental health awareness.

As TikTok continues to rise, Facebook craters: New Pew report finds major shifts in social media trends among teens.

TikTok Shop is the holiday retailer of choice for one-third of Gen Zs: The marketplace is racking up sales thanks to its aggressive promotional strategy, despite lukewarm interest from larger brands.

Retail embraces AI chatbots: Gen Z adoption pushes them to the forefront, but blending tech with human service remains imperative

Gen Z isn’t very worried about their privacy if banks integrate AI into their services. Other generations expressed less interest and more caution about AI.

While in-store is the No. 1 way Gen Z discovers clothing, 39.0% of US Gen Z clothing buyers have used social media to discover new apparel brands or products over the last six months, according to our September 2023 survey.

Gen Z is different from older generations. They are digitally native, spend more time watching videos, and have embraced the overlap between media and technology. But Gen Z has some particular habits marketers should pay attention to. Brands should make sure they’re staying relevant and avoiding stale content, promoting individuality, and helping Gen Z be their best selves.

Revolution in women's sports: Deloitte sees revenue hitting $1.28 billion in 2024, driven by soccer and basketball.

Winning Gen Zers’ deposits will depend on capturing their attention and trust early in the customer journey. At the discovery and consideration stages, Gen Zers’ habits are very different than those of other generations, per our inaugural survey of 1,488 US banking consumers. That means banks must rethink their marketing strategies to best appeal to this generation’s preferences.

YouTube is the top social media platform that US Gen Z consumers turn to for banking information, per our survey.

Gen Z favors a range of product discovery methods, cost-conscious spending patterns, and flexible payment options. Here are three crucial insights and actionable strategies to help brands capture Gen Z’s attention—and dollars—this holiday season.