Snapchat has released a new report, in association with Oxford Economics, examining the role Generation Z will play in driving the post-pandemic recovery and how this generation will become a key focus for marketers in the future.
The Oxford team interviewed people from six markets (Australia, France, Germany, the Netherlands, the UK, and the US) and supplemented their own survey data with various other sources to better manage the growing influence of the Generation Z.
The 50-page report covers several areas and elements, highlighting key trends and changes within younger consumers, including their increasing dependence on digital platforms and connectivity in virtually every aspect of their interactions.
Among the key findings, the Oxford researchers found that:
Generation Z will support $ 3.1 trillion of spending in studied markets by 2030, boosting the economy The global AR market is projected to expand fourfold by 2023. Technology and COVID-19 are set to transform demand for skills, with Most jobs require advanced digital skills Greater emphasis will be placed on skills such as agility, curiosity, creativity, critical thinking and problem solving, which play to the natural strengths of Generation Z
Essentially, the report highlights the growing digital shift, which has been exacerbated by the pandemic, and points out how that will reshape the future, in a number of ways.
The most interesting element of the report relates to the increase in AR, noting that:
“AR emerged as one of the fastest growing digital technologies in the pandemic, providing people with a new platform for expression, entertainment, utility and information. The characteristics of AR mean that it has the potential to drive demand for digital skills in the next decade, similar to the effect of social media platforms in the 2010s.
In fact, the report points out the various impacts of the upcoming AR shift, with the most immediate application being the use of AR tools within retail as people seek to recreate the in-store shopping experience to the best of their ability.
That will lead to new opportunities in branding and marketing, and provide more ways for e-commerce providers to connect with consumers in more effective, engaging, and interactive ways. This, according to the report, will increasingly become the norm, and the adoption of AR tools will become more meaningful over time.
There’s a lot to take in in the full trend report and a lot to consider in your future approach to marketing and content.
It’s interesting to note how these trends have been reshaped by the pandemic, and what that will mean for adoption and development going forward, and what that means then within your own planning.
You can access the full report ‘The Role of Gen Z in Shaping the Future of the Digital Economy’ here.
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