Which section of the world population has the highest spending power? Yes, you guessed it right!
It’s the Gen-Z!
$143 million is the purchasing power of Gen-Z and it is estimated to keep on increasing. Most Gen-Z are either going to college or getting their first pay check. However, they are going to buy your products and services. Hence, you need to do efficient advertising in Singapore to stay relevant in the market and attract the attention of Gen-Z.
However, what is the major sectors where Gen-Z will spend their money? Here are the top five sectors in that Gen-Z will invest money in the upcoming years.
- Technology and electronics
Two-Thirds of Gen-Z spent their money on electronics and technology that offers them a fun and enjoyable experience, according to a 2019 study. So, if your business is in this sector, you must target Gen-Z effectively.
You need to make sure that your advertisements and marketing campaign convinces Gen-Z that your products will offer them exciting, thrilling, and fun experiences. You need to highlight how your product can add value to their life, reduce boredom and make their life interesting.
If your advertisements hit this mark, Gen-Z will surely notice your business, its products, and its services.
- Discounts of goods
Now, this might come as a surprise but yes, Gen-Z does focus on buying goods that have heavy discounts or are on sale. The main reason for this money-conscious thinking is the economic time they were born in.
Most Gen-Z saw their families affected by the 2008 US recession. They saw their families struggling to meet ends. Hence, the generation thinks about achieving financial stability effectively. And buying discounted goods is one of the strategies to save money.
Your brand needs to offer discount offers or sales if you want Gen-Z to become your customers.Or you can collaborate with Gen-Z influencers on social media to show why your products are the best as compared to competitors or cheap knockoffs.
- Wellness and Health
The wellness and health market has been slowly growing in the past few years. And now Gen-Z is investing in it more than ever.
Several studies done in 2019 show that Gen-Z is highly motivated to take care of their physical and mental health. Thus, they will invest in health and wellness products.
If your brand is in this sector, you must up your game of putting out the finest advertisements in Singapore and the global market. You need to ensure that your advertisements focus on points such as ethical food sourcing, mental health, and other issues related to health.
- Small business
Gen-Z has been a lifesaver for small businesses all around the world. The pandemic caused small businesses to struggle, however, Gen-Z came in to rescue them. In 2020, it was observed that the overall spending of Gen-Z increased by 260%. And all of it was done on small businesses and their products.
So, good news for you if you run a small business in the region. You can focus on your local Gen-Z population while marketing your products and brand.
- Education
Yes, that’s right! Although you might not think that Gen-Z will spend much on education, but you are in for a surprise.
It was observed that Gen-Z is spending more on their education. There is a sudden increase in college enrolment for Gen-Z as compared to millennials. When it comes to educational content, Gen-Z has watched 50% more such content on social media.
Yet again, the drive to invest in their education come from the fact that they want to achieve financial stability in the future. And education is certainly the best bet!
Final Takeaway
As you can see, these top 5 sectors have seen a massive interest by Gen-Z. Hence, if your business is in these sectors, you need to up your marketing game.
Even if your sector isn’t in the top 5, you still need to focus on marketing to Gen-Z. And we at Hyper Fame Digital can help you achieve that!
We are a leading advertising agency in Singapore that has worked with several small and medium businesses in the region to create a striking brand image in the market.
Our team of professional marketers is always at your disposal. Contact us now to know more.
