Generation Z is for self and the planet
Post-millennial students, though unapologetic about their love for money, are conscientious spenders, entrepreneurial, self-reliant, accountable and altogether more responsible than previous generations, a new study finds. Marketers should take note
Cosmetics and toiletry brands would do well to refocus their marketing efforts on the burgeoning Generation Z student demographic, the post-millennial cohort born in the mid-1990s. A new study by the Student Village research agency finds that this group is spending the majority of its monthly budget on such products. CEO Ronen Aires says these students spend on average R2,944 a month on cosmetics and related products, or R35,328 a year — a higher amount than the average South African. He says they now make 64% of their purchases online, are savvy spenders and buy only what suits their lifestyle. It’s also evident from the study that SA students are concerned about their financial futures in the low-growth economy. Nearly 40% are saving 20%-40% of their monthly income, while one in five saves 40%-60% of it. Apart from toiletries and cosmetics, priority purchase items are food and groceries and after that fast food and mobile telephony. Aires says retailers such as Rage, Sportscene an...