Teens are the hottest consumer segment in retail these days. They have clear preferences and they open their own wallets. This is a shift down from the age-20 mark (college freshmen) that used to be considered the point when disposable income begins...
The activation of social media (SNS) also differs from previous generations: diverse product information and smart consumption methods are shared.
From "New Year money loaded... welcome the 'shopping new species' teens" (JoongAng Ilbo, 2019.2.7)
You hear a lot about "Generation Z" these days. This morning's paper also carried an article about the retail industry turning its attention to these teens.
During Seollal, many of you probably met members of Gen Z in your family. This is a good chance to sort out the terms we use for "generations." The breakdown below is from "Raised as VIBs, the Millennium Kids... 8-second attention span, image-native" (JoongAng Sunday, 2019.2.2).
-Baby Boomer generation: born roughly 1955–1963. Born after the Korean War, this is the generation that led Korea's rapid growth.
-386 generation: born 1960–1969. Experienced both the "three lows" boom of the early-to-mid 1990s and the benefits of rising housing prices in the 2000s, as well as the difficulties of the IMF crisis.
-Generation X: born 1970–80. Born after industrialization, they had a relatively affluent childhood and enjoyed diverse experiences thanks to the liberalization of overseas travel. Familiar with PCs.
-Generation Y (Millennials): born 1981–2000. Comfortable with internet and social media, they value YOLO, work-life balance, and emotional price-performance.
-Generation Z (Millennium Kids): born after 2000. Some say those born after 1995. More comfortable with mobile devices like smartphones and tablets than with PCs. Heavily influenced by YouTubers and other influencers rather than by celebrities.
Of these, the generation retail is focusing on lately is Gen Z. After X and Y comes Z... "mobile natives" who grew up holding a smartphone are now in their teens and becoming adults. Pay attention to them.
