Business Wire

NIQ and World Data Lab unveil “Spend Z” Report

Share

NielsenIQ (“NIQ”) collaborated with World Data Lab ( WDL) to issue the first of its kind, comprehensive generational spending report purely focused on Gen Z. The research and analysis presented in the “Spend Z” report highlights NIQ’s commitment to delivering actionable market insights.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240605900003/en/

The report uncovers precisely what companies seeking to secure pathways to growth need to urgently and intimately understand about Gen Z, the largest and first truly global generation ever, including their preferences, spending habits, values, priorities, how and where they shop, what they purchase, and how they influence the purchasing patterns of other generations.

The report found that Gen Z, defined as anyone born between 1997 and 2012, makes up 25% (2 billion) of the world’s population, and their global spending power is projected to grow to $12 Trillion USD by 2030, potentially making them the wealthiest generation in every region of the world. The youngest generation is set to overtake Boomer spending by then. By 2034, Gen Z will add more than $9 trillion dollars in spending globally more than any other generation.

“Gen Z is here, they are ready to spend, and companies need to know how to pivot to serve them. Understanding what makes this generation different is key to unlocking the greater than $12 Trillion USD growth opportunity they represent,” said Tracey Massey, NIQ’s Chief Operating Officer. “Companies are trying to understand the opportunities for growth with Gen Z, and how they are influencing others. “Spend Z” is just one example of how NIQ helps our clients uniquely achieve their ambitions by anticipating and meeting consumer needs.”

Key Gen Z Takeaways:

  • They demand authenticity: They are more interested in authentic relationships with influencers and brands. “Being true to yourself” is the number one ranked description of success for Gen Z globally. Belonging and self-esteem are two other top values, along with a strong sense of identity that is linked to social causes and activism.
  • Unprecedented foot traffic: Their in-store purchases make up almost 50% of their share of dollars and is higher than every other generation before them, even though Gen Z begins their shopping journey online, ranks online reviews from other shoppers as the most important factor when shopping and is heavily influenced by social media.
  • Global purchasing power: Gen Z will become the highest consumer spending class in many regions, and 30% of the global workforce in 2030. North America, Europe and APAC will continue to dominate the majority of spending with APAC becoming increasingly important. They currently have a more significant share of consumption in regions including Sub-Saharan Africa, Middle East & North Africa, and LATAM & Caribbean, where they make up a more substantial portion of the population.
  • Health and wellness matters…to some extent: Overall they are health conscious and sustainability minded. The most dynamic demand growth among the Gen Z consumer class is in the health categories, as well as in alcohol / beverages.
    • 81% of TikTok USD sales are expected to come from health and beauty, showing an outsized impact.
    • Over 50% of Gen Z has used a fitness or exercise app, and 17% have used a fitness band to track health and fitness information.
  • Technology accelerating behavior:
    • Online reviews from other shoppers are paramount when shopping with 53% of Gen Z population likely to make purchases on social media or live stream platforms.
    • 26% of Gen Z use their phones while shopping physically in store to make decisions compared to 23% of Gen Y, 18% for Gen X and 12% for Boomers.

With Gen Z prioritizing health and the environment, we also expect NIQ ​​Better For™ - a classification leveraging our proprietary algorithm to identify brands through product characteristics, positioning, sales and distribution - products to continue to grow faster than conventional products. This category includes products that are “better for” the consumer, the environment, and society. Currently, small brands and younger generations drive 62% of the growth in this category.

“Gen Z is the most connected, largest and influential generation yet,” said NIQ Chief Communication Officer Marta Cyhan-Bowles. “Gen Z will have fewer children – later, will have unprecedented spending power, and will continue prioritizing certain categories – like health and wellness – to an extent generations before them have not. Our analysis leaves no doubt: investment in Gen Z today will pay off tomorrow.”

"Gen Z is the largest, the richest, and the most global generation ever” said Wolfgang Fengler, CEO, WDL. “Businesses need to know that Gen Z is 2 billion people strong, and meeting their needs is a must.”

About Spend Z

Spend Z considers Gen Z over the short, mid, and long terms, with generational comparative brand loyalty analyses and a deep dive into what it means for companies in the CPG, tech/durables, and retail industries. The report is mission critical for thought leaders and decision makers looking to steer their companies toward the next frontier of successful growth - while protecting their successful existing businesses. Download a free copy of the report.

About NIQ

NielsenIQ (NIQ) is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today NIQ has operations in more than 95 countries covering 97% of GDP. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™.

About World Data Lab

World Data Lab (WDL) creates forward looking proprietary data to quantify and forecast consumer trends, consumer spending, demographic shifts and progress towards the SDGs up to 2034. Our advanced data science approach, which has been peer-reviewed and published in Nature, delivers unrivalled accuracy, freshness and consistency across all demographic groups in 180 countries and more than 6,000 cities.

Research methodology

The “Spend Z” report predicted consumer spending by merging household spending data obtained from national statistical agencies with population data from the United Nations and IIASA, incorporating 2,065 surveys covering 160 countries in the NIQ database. Where countries are missing survey data, spending is imputed by identifying characteristics of other countries with similar structures, optimally chosen using statistical techniques. Survey data is adjusted to be consistent with household expenditure provided in each country’s national accounts. Nowcasts and forecasts are based on IMF projections for the medium term and the Shared Socioeconomic Pathways developed for the UNFCCC for the long term. This comprehensive process enables NIQ and WDL to produce detailed and reliable forecasts of consumer behavior across 183 countries from 2016 to 2034, broken down by age, gender, and income class. We further disaggregate total spending into over 100 different product categories using COICOP classifications. Our core methods have been peer reviewed in nature https://www.nature.com/articles/s41599-018-0083-y

View source version on businesswire.com: https://www.businesswire.com/news/home/20240605900003/en/

Contacts

Global Media Contact List:

Global:
Sweta Patra
Sweta.patra@nielseniq.com

APAC:
Liza Martija
liza.martija@nielseniq.com

LATAM:
Ari Rodriguez
ari.rodriguez@nielseniq.com

North America:
Gillian Mosher
gillian.mosher@nielseniq.com

Western Europe:
Julia Mayer
julia.mayer@nielseniq.com

EMEA:
Melina Mammidou
melina.mammidou@nielseniq.com

About Business Wire

Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release

H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation

Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release

Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private

Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding

Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår

V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release

V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust

Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release

Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo

World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye