Gen Z, the people born between 1996 and 2016, are turning their noses up at a lot of products and industries that are dominant today, according to a Bank of America research primer entitled “OK Zoomer.”
Listen up, because Gen Z is expected to dethrone the Millennials in spending power by 2031. And guess what? Five major consumer products are in trouble cuz Gen Z don’t like ‘em as much as previous generations.
Gen Z is big on sustainability, tech savvy and activism, and luxury, ecommerce and big tech are safe for now.
Here are the five industries in trouble with Gen Z, according to the research primer:
- Cars (yup, eScooters, bikes and AllBirds rule).
- Gen Zers account for 14.8% of eligible drivers, but only 11.7% of licensed drivers
- Number of teenagers obtaining driver's licenses is decreasing from 69.3% in 1978 to 51.7% in 2011
- 31% said they found car debt to be unnecessary, with 60% saying they didn't mind using shared mobility services
- 31% ok having a robot drive them, compared to just 13% of boomers
- Razor blades (hmmm).
- CFO of P&G said that there’s been an 11% decline in men's shaving products over the past five years, citing data from Euromonitor
- US men's razor and blades market fell to $2.2 billion in 2018 from $2.4 billion in 2015, according to Euromonitor
- Alcohol (wha?)
- Around 50% of legal Gen Z drinkers say they don't drink at all, compared with 31% of millennials.
- Only 21% of those between the ages of 18 and 24 say they drink more than once a week.
- Golf (duh)
- The number of 18-to-35-year-olds who play golf fell from 9 million to 6 million.
- Since 2008, the game has lost nearly 5 million players overall.
- Doorbells (ok, this one threw even us for a loop)
- Many Gen Zers and millennials prefer texting to the doorbell.
- This tect versus doorbell trend was reported in a 2017 Wall Street Journal article in which one 20-year-old described doorbells as "terrifying."
- According to a 2017 Twitter poll done by Jim Waterson, the Guardian’s media editor, which surveyed 11,502 people, 54.4% said that doorbells were "scary weird."
There you have it.