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With over half a billion pounds of spending power, Gen Z is a market brands won’t want to miss out on.
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Whether indulging in a self-care splurge or hunting for the best bargains, Gen Z is expected to show up in full force this Black Friday with over half a billion pounds in spending power.
The ongoing financial strain from the cost-of-living crisis and the approaching gift-giving season won’t deter these young shoppers. For them, the Black Friday and Cyber Monday sales event is an opportunity that is too tempting to miss. So, how can brands cut through the noise and capture the attention of this digitally savvy generation amidst the holiday shopping frenzy?
According to Spend Z: A Global Report, Gen Z's spending is set to grow at a compound annual growth rate (CAGR) of 4.02%— twice as fast as older generations. By 2029, they’re even expected to outspend baby boomers.
The report used purchasing power parity (PPP), which considers inflation and currency changes, to get a more accurate read on their actual spending power. Currently, Gen Z makes up about 17.1% of global spending, but by 2030, this is expected to grow to 18.7% as they will represent 30% of the global workforce.
While these figures look promising, Gen Z consumers are a picky bunch when it comes to their buying habits. First, they value brands that make a positive impact and are upfront about it. Transparency is a big deal for them, and supporting a brand that is truly authentic is important. For example, 62% of Gen Z said they prefer to buy from sustainable brands.
Add to that the fact that many Gen Zers grew up during times of high financial anxiety—like the 2008 crash—and are now entering the workforce during a global cost of living crisis. They might have spending power, but they know how to be cautious with it, too.
Plus, being true digital natives, they’re pros at finding the best deals. Relying only on a flashy marketing campaign alone won’t cut it with them. They see through the noise that appears inauthentic, and let’s not forget how quickly trends shift. Gen Z is quite selective about which trends they jump on, knowing full well that what they invest in helps shape their personal "brand" for the world to see.
So, while Gen Z has money to spend, they want to spend it with the right brands. But how do you get them to engage with you? One way is by tapping into marketing streams your competitors might not be using yet—like SMS.
Research shows that Gen Z is a mobile-first generation and prefer brands to connect with them on their favourite digital platforms, such as WhatsApp and Instagram. Meeting them where they already are is critical to grabbing their attention.
SMS marketing messages are short, yet powerful, with some marketers noticing better engagement when they combine mobile channels with email. Since many consumers feel SMS is a more personal way to connect, it's no surprise it boasts an average open rate of 98% while the average email open rate is only 15-25%. With your messages getting noticed, you can focus on achieving your desired results.
SMS also provides exceptional flexibility, making it a powerful tool that can be tailored to the specific needs of almost any industry. Gen Z, like the rest of us, are creators of habit. Ensuring they see consistent, repeated messaging integrated across multiple platforms is an attractive proposition for businesses across the board.
Words matter. Writing memorable copy is critical during the holiday frenzy. With so many messages vying for attention, you want your words to pop and stick with people. Use snappy, persuasive language to spark your subscribers’ curiosity and tug at their emotions. Create some level of urgency to encourage them to take up exclusive offers.
Remember, shoppers are on the hunt for quick and easy deals from their go-to brands on Black Friday. With SMS messages having a limited character count, it’s crucial to pack your content with just the important parts of your promotion. Emojis help create a more conversational and relatable tone, helping to differentiate your brand from the competition. Just make sure you know exactly what your emoji means, especially if sending internationally, to avoid any embarrassment!
Last-minute reminders are super helpful for capitalising on the Black Friday hype and nudging customers who haven't yet taken advantage of your deals to act. Pointing out the approaching deadline adds urgency and motivates those last-minute or on-the-fence shoppers to jump on your offers
Reaching Gen Z is easier than it seems, but it's all about authenticity and transparency. If you want to resonate with their values and expectations, focus on building lasting, trust-based relationships instead of just chasing quick sales.
This approach will help you connect with an influential generation that rewards authentic brands committed to values with significant spending power.
Juliette is the Chief Marketing Officer at Dotdigital. She originally started in the business as a Product Marketer 5+ years ago and now heads up a 20+ strong team of super talented marketers encompassing the fields of campaign marketing, product marketing, content, and more.
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