NeilsenIQ and World Data Lab’s "Spend Z" report revealed Gen Z’s spending power is set to grow to around $12 trillion globally by 2030. Gen Z, people born between 1997 and 2012, currently make up about 25% of the world’s population.
NielsenIQ Chief Communications Officer and Global Head of Marketing COE Marta Cyhan-Bowles joins Wealth! for an exclusive interview to give insight into the survey and what it means for the retail sector at large.
"The most prolific or most significant thing that we that we noticed as we did our research, was that Gen Z is ahead of other generations for where they were," Cyhan-Bowles says. "So, for example, a 25-year-old is spending exponentially more than what a Gen X-er was spending. And so that only is going to increase over time."
According to Charles Schwab’s Modern Wealth survey, almost two-thirds of Americans feel as if they are more able to achieve their financial goals than previous generations.
"81% of TikTok’s dollar sales are supposed to come from both health and beauty. And when you think about fruit snacks, facial care, probiotics, probiotics really are something that Gen Z is already tuned into," Cyhan-Bowles explains. "Gut health is something that they’re very tuned into, and one of the things that’s really driving all of this is the fact that this is a generation that is the first digitally native generation."
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