It will come as no surprise that Gen Z is the future of the restaurant industry, but what many owners and operators don’t know is that this generation already holds significant buying power and can no longer be ignored.
“Gen Z already represents 30 percent of the entire U.S. population, and by 2020 will represent 40 percent,” says George Bruton, CEO of SkoolLive. “U.S. teens currently spend $258 billion a year, and if you divide that out, that’s roughly $9,600 teenagers have to spend on food and items they want.”
Without rent, and other living expenses, the bulk of this money is expendable and can be used on food, clothing, and other wants. In addition to choosing where to spend their own money, brands that reach teenagers can also help convert their parents into loyal customers. Teens influence over 70 percent of the family food choices, Bruton says.
“A lot of businesses, especially local and regional businesses, don’t think kids have much influence and buying power,” he says. “But when Friday night comes and mom and dad don’t want to make dinner, they ask what their kids want. All the data coming out shows the persuasive power that this market carries.”
But Gen Z is unlike the other generations that come before them. Born into a world of technology, capturing this elusive group can be a challenge. Here are some ways restaurants can reach younger consumers:Click to read more