45 Gen Z Consumer Trends & Statistics You Need To Know In 2023

• There are about 2.5 billion Gen Z in the world and they account for 32% of the world’s population.

With a staggering population of around 2.5 billion individuals, Generation Z comprises a notable 32% of the world’s total population. Their unique values, preferences, and attitudes have a profound impact on a wide range of industries, from technology and media to fashion and entertainment.

• By 2030, Gen Z are expected to earn $33 trillion globally, out earning all other generations.

With their unprecedented demographic size and growing economic power, Gen Z is poised to become the most affluent generation in history. By 2030, this cohort is projected to earn a staggering $33 trillion globally, outpacing the earnings of all other generations. 

• In the US, 68 million Gen Z spend $140 billion annually and influence an additional $127 billion in spending annually by family and friends.

The Gen Z population in the United States, which currently stands at around 68 million individuals, wields significant purchasing power, with an annual spending of $140 billion. But their impact on the economy doesn’t stop there. This cohort also exerts a considerable influence on the spending habits of their family and friends, contributing to an additional $127 billion in annual spending.

• By 2025, there will be 85 million Gen Z consumers in the United States.

As per the latest projections, the United States is expected to witness a significant rise in the number of Generation Z consumers, with an estimated figure of 85 million individuals belonging to this demographic predicted to be present in the country by the year 2025, thereby making it a crucial segment for businesses to target with their marketing strategies.

• By 2035, 40% of all personal luxury goods purchases will be made by Gen Z consumers.

Market forecasts suggest that Generation Z consumers are expected to become the largest consumer segment for personal luxury goods by the year 2035, accounting for an estimated 40% of all luxury sales globally.

• 88% of Gen Z consumers are omni-channel shoppers where they use both retail and online stores.

According to recent studies, 88% of Gen Z consumers are “omni-channel” shoppers, meaning they use both physical retail stores and online shopping channels to make purchases. This approach enables them to take advantage of the benefits of both channels, such as the immediacy and tactile experience of in-store shopping, as well as the convenience and variety of online shopping. 

• 80% of Gen Z consumers have made a purchase due to a recommendation made on social media.

Gen Z, the first generation to grow up with social media as a ubiquitous part of their lives, has a distinctive relationship with digital platforms that extends beyond mere entertainment or communication. Recent studies indicate that a staggering 80% of Gen Z consumers have made a purchase based on a recommendation they saw on social media. 

• Product quality, design and price are the most important factors contributing to purchasing decision among Gen Z consumers.

Product quality (66%), product price (65%) and product design (67%) are the most important factors that Gen Z consumers consider when making a purchase decision. Other factors of importance considered by this demographic are sustainability, eco-friendliness, shopping experience and friends’ opinions.

• 32% of purchases made by Gen Z consumers occur on mobile devices.

According to recent statistics, nearly one-third (32%) of transactions completed by Generation Z consumers take place via mobile devices, such as smartphones or tablets, indicating a trend towards mobile commerce within this age group.

• 62% of Gen Z consumers will not use a website that is too slow.

According to recent statistics, a significant majority of Generation Z consumers, specifically 62%, have expressed a clear aversion towards using websites that exhibit sluggish performance and slow loading times, thereby highlighting the critical importance of website speed optimization for businesses that seek to cater to this demographic.

• 87% of Gen Z consumers would like a personalized shopping experience.

Majority of Generation Z consumers – approximately 87% – express a desire for a personalized shopping experience, highlighting the growing importance of tailored marketing strategies and customized product offerings that cater to the unique preferences and needs of this demographic.