Generation Z, loosely defined as the generation born anywhere from 1995 or 1998 to 2016, is predicted to hit the post-college marketplace in much the same way as millennials—managing considerable debt. Yet, simultaneously, they’re gaining traction as the next consumer powerhouse, representing billions of dollars for retailers and more.
Regarded as the most diverse and inclusive generation yet, Gen Z represents those around 19 years of age and younger. Perhaps most significant to real estate professionals, Gen Zers are expected to account for about 40 percent of all consumers by 2020. According to the New York Times, they represent “billions in spending power.” Here’s a look into this post-millennial next generation.
They’re more conscientious. According to the Times, members of Gen Z are generally conscientious, hard-working and mindful, if not anxious about the future. For real estate professionals, this generation could be seeking more than just a home—they could be looking for a positive and secure living experience where they’re actively engaged with their neighborhoods and communities.
Technology is more than just influential. Members of Gen Z are the first generation born in the age of smartphones. According to a profile featured in Business Insider, technology doesn’t just play a key role in their lives; it shapes their entire worldview. This could mean future homebuyers from this generation are looking for smart homes, complete with appliances and systems that enhance their daily routines with just a voice command or a tap.
Early starters are the norm. According to an analysis, Gen Z may be considered more self-starting and entrepreneurial than previous generations. This could mean members are looking to enter the workplace sooner, or start their own businesses out of high school. For the housing market, it could also mean a new generation looking toward homeownership earlier than Gen Yers (millennials).
For a generation conscious of safety and security, a home warranty may be a perfect complement to a new home purchase. American Home Shield® offers a range of plans and packages to help protect the homes and budgets of customers at every step of the homeownership journey.
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Gen Z—The Next Wave of Consumer Game Changers?