Six Industries Gen Z is Changing Forever – Wire Real Estate

Six Industries Gen Z is Changing Forever




Apr 18, 2019

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BURLINGTON, Vt.– Fuse released new data today about the industries that Gen Z is impacting.  Besides social media and how they consume media, Gen Z is shifting other industries and those changes offer a window into teen and young adult behavior that has implications across many categories. 

Funerals and the Record Business

Funerals. That’s right. Gen Z is changing how people are buried. According to research from Simplicity Cremations, 25% of young people in Great Britain want their ashes to be compressed into a vinyl record and another 25% would like their ashes to be used to generate power.  This is just a sample of the behavioral shifts we see in the youngest generation – the desire to be thought of uniquely or to be directly connected to the environment.

Nearly 50% young consumers said if they are cremated, they want their ashes made into a diamond

 

                                                                                                    Simplicity Cremations, January 2019

Meat, or Should We Say Meatless

When we think of young people and food, we generally think of flavor and fun. No doubt, teens spend money on snacks, beverages, and sweets while shopping mainly at convenience stores and vending machines. But when it comes to one food category, a new and powerful dynamic has emerged. According to research conducted by leading American foodservice provider, Aramark, nearly 80% of Gen Z plan to go meatless 1-2x per week. This research study aligns with many others that indicate that Gen Z already includes more self-identified vegetarians than previous generations. So why does this matter if you’re not in the food industry? Well it turns out that young people aren’t just going veggie for health reasons, but because of its global impact. So, Gen Z’s views will have an influence on a wide range of industries from household goods to apparel.

35% of Gen Z vegetarians do so in support of animal rights and environmental impact

 

                                                                                                             Fuse, April 2019

Higher Ed’s Results “Crisis”

It’s en vogue to call out the “crisis” of Higher Education. You won’t hear that from us – there are more than 4,000 colleges and universities – which doesn’t sound much like a calamity on either the buy or sell side. Rather, the Higher Ed landscape is changing at the pace you’d expect in an industry in which its consumers have evolved their buying decision criteria. Gone are hay-days of party schools and six years to graduate. Gen Z likes to play it safe and their risk-averse demands of the college they choose include efficiency, economy, and results. They plan to move through their college experience without delay, maximizing their four years, and no more.  Their economic principle is simple – leave with as little student debt as possible. And last, they are motivated by career outcomes. If this sounds familiar, it’s because the new Gen Z profile is similar to that of adult learners.

Almost 70% of Gen Z thinks “career opportunities” is the most important college selection criteria

 

                                                                                                                               Fuse, April 2019

Banking’s App Problem

Gen Z will soon to be the largest generational demographic and as the largest demographic they will soon dominate overall consumer consumption. And in order to consume, they will need a bank. The problem for the banking industry is that their foundation is the opposite of Gen Z’s preferences. While young consumers desire unique retail experiences, banks tend to be stale. Whereas Gen Z is accustomed to simple sign-ups, often with a single click linked to an existing app they already use, banks seemingly make every interaction complex and repetitive. And to a mobile-first generation who appreciates new apps every day, banking apps seem outdated.

Just 25% of Gen Z think that their banking app is “average” compared to other apps they use

 

                                                                                                                         Fuse, April 2019

Gyms and Health Clubs’ Need to Get Holistic

According to Club Industry, Gen Z represents 15% of all health club members. The challenges to the gym industry are complex. To begin with, Gen Z does not share their older counterpart’s definition of fitness. While Gen X and Y abide by a traditional definition (I.e. cardiovascular endurance, muscular endurance, muscular strength, flexibility, body composition), Gen Z takes a holistic view that includes physical, emotional, spiritual, social, and intellectual fitness. So, the gym industry’s yearly fourth and first quarter advertising centered on weight loss is not relevant to young consumers. While 70% of Gen Z say they work out regularly, only half go to a gym, while the other half relies on free workouts online and inexpensive fitness apps.

35% of Gen Z say “emotional fitness” (being attentive to their thoughts and feelings) is the most 
important fitness – the same % as say “physical fitness”

 

                                                                                                                             Fuse, April 2019

Real Estate’s Turn to Head to the Suburbs

Location. Location. Location. Except for Gen Z. Despite the trend in recent years toward city-dwelling, Gen Z seems likely to reverse its course, voicing more interest than Millennials in suburban living. When it comes to why Gen Z is turning away from city life, our study found four statically equal themes; (1) Cost is almost always a key consideration for young people. Having (2) additional living space and (3) amenities are important. And while “connectivity” is often a term applied to urban settings, young people believe they are just as likely to (4) find their community in suburbs.

60% of Gen Z plans to live in the suburbs or in a rural setting

 

                                                                      Fuse, April 2019

About Fuse    
Fuse is a marketing agency founded in 1995 that creates authentic brand engagement for teens and young adults, providing its clients brand strategy, experiential, digital, and creative services. For more about Fuse, check out our website or find us on LinkedIn, Twitter, or Instagram.    

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