Snapchat today published a new report, in partnership with Oxford Economics, that looks at the role Gen Z will play in driving the post-pandemic recovery, and how it will become a prime focus for marketers going forward.
The team from Oxford interviewed people across six markets - Australia, France, Germany, the Netherlands, the UK and the US - while building upon its own survey data with the help of various other sources to get a better handle on the rising influence of Gen Z.
The 50-page report touches upon various areas and aspects, making clear the main trends and changes in younger consumers, among which the increasing dependence on digital ecosystems and connectivity of all kinds of interactions.
Some other key research findings of Oxford's team include:
Gen Z will underpin US$3.1 trillion of expenditure through the studied markets by 2030, powering the economy
The global AR market is expected to grow four-fold by 2023.
Technology are expected to reshape the demand for skills, with the vast majority of jobs to necessitate advanced digital skills
More focus will be put on more skills, such as agility, curiosity, creativity, critical thinking and problem solving, which align with the natural strengths of Gen Z
In essence, the report underscores the surging digital shift, which was exacerbated by the pandemic, and how that will reshape the future, in different ways.
The most exciting part of the report has to do with the surge of AR, with one noting that:
"AR emerged as one of the fastest-growing digital technologies in the pandemic, providing people with a new platform for expression, entertainment, utility, and information. The characteristics of AR mean that it has the potential to drive demand for digital skills in the next decade, similar to the effect of social media platforms in the 2010s."
Indeed, the report points to the various impacts of coming AR shift, with the most immediate application being the use of AR tools within retail, as people look to re-create the in-store shopping experience as best they can.
That will lead to new opportunities in marketing and brand connection, and will provide more ways for eCommerce providers to connect with consumers in more effective, engaging and interactive ways. This, according to the report, will increasingly become the norm, with adoption of AR tools set to become more significant over time.
There is much to digest in the comprehensive trend report, and much to think about in your future marketing and content strategy.
It is fascinating to see how these trends have been redefined by the pandemic, and what that will mean for adoption and development going forward - and what that then means within your own planning.