The Millennial generation has long been a key demographic for companies, and Generation Z is now emerging from beneath its shadow. A pair of new studies from Deloitte and GlobalWebIndex zero in on these coveted cohorts, offering insights into consumer behavior—from cord-cutting to binge-watching—that is already beginning to transform numerous industries… and where they lead, others are sure to follow.
—Gen Z: Get Ready for the Most Self-Conscious, Demanding Consumer Segment, Fung Business Intelligence, August 2016, fbicgroup.com
- Love of social.Among internet users worldwide, one out of every three minutes spent online is devoted to social networking and messaging—for a daily average of more than two hours. The average internet user now has eight social media accounts.
- Growth of Instagram and Snapchat. Among social media outlets, Instagram’s popularity continues to grow, and now surpasses Twitter among 16- to 34-year-olds. Snapchat is the most popular messaging app among Gen Z, while Facebook continues to be popular.
- Maturity of online video. Ninety-two percent of internet users ages 16 to 64 watch video online every month. Just under half watch online TV—a number that jumps by 50 percent among 16- to 34-year-olds.
- Gen Z loves Netflix. Seventy percent of 14- to 19-year-olds in North America watch Netflix each month, and binge-watching is huge. Forty percent of Millennial and Gen Z binge watchers do so each week, averaging five hours of viewing in a typical session.
- Free streaming is king. Nearly a majority of U.S. households subscribe to services like Hulu, Amazon Prime and Netflix. That number rises to 60 percent among Gen Z, Millennials and Gen X audiences. About 40 percent of time is spent on free streaming services, versus paid content (35%).