You might not think that teenagers have much spending money but combined, young people ages 10- 17 make up $44 billion dollars in discretionary spending each year, at least this is what FONA international outline in a recently released report about Generation Z. Not only that, FONA claims that Gen Z will be ht largest group of consumers by 2020, with a staggering $143 billion estimated in spending!
Since its vital to know your demographic if you’re interested in meeting their demands, it is important to note that Gen Z is also known as the internet generation and are often mistakenly lumped in with millennials. These kids grew up with access to the internet in the digital age and heavily access social media. What they have in common with millennials, however, is there demand for new and healthier snacking options. Sometimes these types of snacks are known as functional food.
According to FONA, “Generation Z and teens in particular are already showcasing their adventurous palates, desire for functional food and love of culinary self-expression.” Unsurprisingly, these consumers are also conscious of food waste, how it is packaged, fair trade options, and sustainability. This is welcome news to transparent companies with values that comply with these prerequisites.
Another reason why it is estimated that Gen Z will affect the snack market is simply because they like to snack, not unlike their Millennial predecessors. According to this article by Candyindustry.com, “kids and teens eat 2-3 snacks a day, with chips, fruit pizza and frozen snacks being their favorites.” With all this snacking, it is no wonder why they are so interested in healthy options.
One thing is certain, snack manufactures will have a profitable future if they manage to comply with these consumers’ demands.
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