Snapchat has published a new report, in partnership with Oxford Economics, which examines the role that Gen Z will play in driving the post-pandemic recovery, and how this generation will become a key focus for marketers moving forward.
The team from Oxford interviewed people across six markets – Australia, France, Germany, the Netherlands, the UK and the US – and supplemented its own survey data with various other sources to get a better handle on the rising influence of Gen Z.
The 50-page report covers various areas and elements, underlining the key trends and shifts within younger consumers, including their increasing reliance on digital platforms and connectivity in virtually all aspects of their interactions.
Among the key findings, Oxford’s researchers found that:
- Gen Z will support $3.1 trillion of spending in the markets studied by 2030, driving the economy
- The global AR market is projected to expand four-fold by 2023.
- Technology and COVID-19 are set to transform skills demand, with the majority of jobs to require advanced digital skills
- A greater emphasis will be put on skills such as agility, curiosity, creativity, critical thinking and problem solving, which play to the natural strengths of Gen Z
Essentially, the report underlines the rising digital shift, which has been exacerbated by the pandemic, and points to how that will re-shape the future, in various ways.
The most interesting element in the report relates to the rise of 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.”
Indeed, the report points to the various impacts of coming AR shift, with the most immediate application being the use of AR tools within retail, as people look to re-create the in-store shopping experience as best they can.
That will lead to new opportunities in marketing and brand connection, and will provide more ways for eCommerce providers to connect with consumers in more effective, engaging and interactive ways. This, according to the report, will increasingly become the norm, with adoption of AR tools set to become more significant over time.
There’s a heap to take in in the full trend report, and heap to consider in your future marketing and content approach.
It’s interesting to note how these trends have been re-shaped by the pandemic, and what that will mean for adoption and development moving forward – and what that then means within your own planning.
You can access the full “Gen Z’s Role in Shaping the Future of the Digital Economy” report here.