News U Can Use: “Gen Z Influence 90% of Parent Spending”

Thoughts and Discussion After Reading the Below “News U Can Use”?
– How is Gen Z influencing the families of your ministry tithing/giving?

– How is Gen Z spending influencing the cost of events, activities, and trips in your ministry?
– How much is your church spending (what % of the budget) is spent on children, youth and college-age? 

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“Today’s teens and young adults have been through financial boot camp. They grew up under the economic uncertainty of the Great Recession and then took on student debt in the hundreds of thousands of dollars to then enter a digitized gig force with little promise of stability. So it’s not surprising that Gen-Zers have become as financially literate as they are technologically savvy. 

For marketers, this signals a paradigm shift in family dynamics. While parents have traditionally decided on purchases, they now depend on their children for informed purchase decisions as much as the children depend on their parents for support. In a recent study from the National Retail Federation, nearly 90% of parents say their Gen Z kids influence household purchases.

So, before even developing spending power of their own, Gen Z-ers have been guiding the spending of the Boomers and Gen-Xers that raised them. Now they’re growing up, and in 2020 Gen Z will be the become largest consumer block, wielding an estimated $143 billion in spending power for the year, according to a recent study by Millennial Marketing…” 

KEEP READING AT MEDIA POST

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