Have you ever heard of the generation of zillennials? Also known as “zenials”, the generation born among the millennials It is Generation Z, is made up of more than 30 million consumers with great purchasing power. Due to the greater amount of disposable income, zillennials are at the center of contention for large retailers. Continue reading to understand more!
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The customs of the generations differ, as well as the aspirations and lifestyle. Unlike millennials and generation Z, zillennials have great purchasing power because they still live with their own family members.
Since approximately 11 million Zillennials, ages 18 to 29, still live with their parents today, the money that would have been earmarked for payment of rent or financing becomes disposable income to spend on objects, such as luxury items and other household goods. consumption.
By not paying for basic items and with great influence from social media, the money of the young zillennial is responsible for the high estimate of the luxury market in the year 2023. A 23% increase is expected for this group, which will represent 70% of the consumer market for luxury objects.
Brands vie for income from Zillennials
Some young people know that living with their parents means having more money to spend on their lives. And this trend does not go unnoticed by the big brands, which are increasingly articulated to attract the income of zillennials.
This is the case of Nike, which, according to CEO John Donahoe, is focusing on attracting younger consumers, with a desire for innovative products and brands with global representation.
For Régis Schultz, CEO of the JD Sports sneaker chain, year-end sales were boosted by zillennials by 20%, as they bought more than 2 million pairs of Nike sneakers.
For him, as there is no payment of rent and mortgage, the purchasing power of young people becomes greater than for other generations.