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Factoids offer brief snapshots of current topics pertinent to the Furniture industry based on our on-going research. Increase your grasp of current trends, consumer attitudes, and shifts within the industry through solid statistics and concise insight.

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Generation Z: The iGeneration Gen Zers Have Significant Influence on Family Spending

During the next five years, over 20 million consumers tagged as Generation Z will pour into young-adult status with the leading edge surpassing the age of 21 this year, graduating from college and entering the workforce. This is the final factoid in a series of four factoids detailing the demographics and shopping preferences of the newest adult generation.

Because the internet/smartphones and brick and mortar shopping have always been a part of the fabric of Generation Z, it has never been an either/or experience, but rather the two meld together. Smartphones serve as support for the brick and mortar shopping experience, not a competition to it. Studies and surveys are being published almost monthly, detailing how young Gen Zers currently shop.

In a survey by the IBM Institute for Business Value, “Uniquely Gen Z,” Gen Zers were questioned on items most purchased themselves and purchases by their parents they heavily influenced. The top purchased items by Gen Zers are clothes and shoes, books and music, apps and toys and games – over 50% of respondents choosing these items. While a low amount actually bought furniture themselves (15 percent), 76 percent responded that they have influenced parents on furniture purchases.

With the influx of Millennials, many brick and mortar stores strengthened online capabilities. Now arrives Generation Z, demanding a fully integrated shopping experience and forcing internet-only companies to turn toward brick and mortar options.

Source: “Uniquely Gen Z, “IBM Institute for Business Value (IBV), global survey of 15,600 Gen Zers between the ages of 13 and 21, as well as interviews with 20 senior executives

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Fast Fact: Generation Z Heavily Influences Household Spending
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