In the world of digital marketing, the quest to acquire new users while optimizing costs remains a huge challenge. It is with great anticipation that we present to you an unparalleled avenue to achieve this feat, backed by a deeper understanding of Gen Z’s preferences and economic situation.
ScholarshipOwl, the platform synonymous with empowering Gen Z students, has been diligently conducting surveys to decode the pulse of this influential demographic. Our latest insights from a July 2023 survey encompassing over 10,500 high school and college students, illuminate a profound concern regarding their back-to-school shopping plans amidst current economic conditions. An astounding 82% of respondents expressed apprehension over their ability to afford essential back-to-school necessities.
Unveiling the Gen Z Landscape
The sheer magnitude of Gen Z’s influence, underscored by their prowess in digital domains, beckons enterprises to harness their potential. Our survey participants comprised 65% females, 33% males, and 1% identifying as others. This vibrant mosaic also showcased diverse ethnicities: 42% Caucasian, 26% Black, 18% Hispanic/Latino, 7% Asian/Pacific Islander, and 6% embracing other identities.
Capturing Key Insights
Gen Z’s aspirations and spending patterns are a treasure trove for business leaders. A snapshot of their preferences reveals that 30% were high school students, with a predominant majority being seniors. Notably, 59% emerged as college undergraduates, primarily freshmen and sophomores. Graduate students comprised 8%, while 3% represented the dynamic realm of adult/non-traditional students.
The Economic Equation
Amidst these conditions, we posed the pivotal question, “Have economic conditions affected your ability to afford back-to-school necessities?” An overwhelming 82% resonated with the affirmative, magnifying the challenge they face in procuring requisite items for their upcoming academic journey.
Navigating the Back-to-School Essentials
The resonance of Gen Z’s needs reverberates through their shopping lists. An impressive 88% are committed to investing in textbooks and class materials, closely followed by 79% intending to acquire school supplies. Embracing technology, 70% aspire to purchase gadgets such as laptops, tablets, and wireless earbuds. Adding design elements to their living spaces garnered 31%, while fashion (28%), beauty (24%), and health & fitness (23%) also claimed their attention.
Embracing Gen Z’s Brand Preferences
Emulating the pulse of Gen Z’s desires, we unveiled their preferences in technology, health & fitness, fashion, living space, and beauty brands. Notably, Apple reigns supreme with 62% expressing affinity, followed by Dell (30%), Samsung (18%), and HP (16%). Nike took the crown in the health & fitness category (35%), while fashion-wise, Five Below (31%) and SHEIN (22%) stood out. Those interested in Interior design leaned towards IKEA (23%), and beauty enthusiasts favored Ulta Beauty (14%).
Navigating the Waters Ahead
Our findings illuminate the intersection of Gen Z’s interests and brands that resonate with them. However, the crux of the matter lies in their economic constraints, posing a challenge for their spending capacity.
A Symphony of Solutions with ScholarshipOwl for Business
In this symphony of challenges and opportunities, we present the harmonious solution – the ScholarshipOwl for Business platform. It’s a dynamic conduit that unites brands with Gen Z students through innovative scholarship campaigns. This survey affirms their enthusiasm for back-to-school shopping, yet the economic backdrop can deter their purchasing power.
Our platform provides an ingenious strategy – brands can launch scholarship campaigns, harnessing the ScholarshipOwl ecosystem. By interacting with the millions of scholarship-seeking students on our platform, brands can forge meaningful connections, aligning their marketing goals with Gen Z’s aspirations.
Key takeaways for Gen Z students
The survey results indicate that Gen Z students are looking forward to the traditional back-to-school shopping season, and are aware of brands that appeal to them. However, despite their interest in buying back-to-school necessities, students are concerned about their ability to afford the products they’ll need.
Brands can be the solution
The ScholarshipOwl for Business platform enables brands to authentically connect with Gen Z students through the creation and launch of scholarship campaigns. As this survey confirms, Gen Z is actively interested in buying products during the traditional back-to-school shopping season; however, the current economic conditions may impact the amount they are able to spend.
Brands can help by launching scholarship campaigns on the ScholarshipOwl for Business platform. Through this platform, brands can create and launch scholarship campaigns, and promote them to the millions of students who apply for scholarships on the ScholarshipOwl platform. This benefits both students and brands, enabling businesses to build relationships with Gen Z in support of their marketing and communication goals.
To find out more about creating and launching a scholarship campaign, visit business.scholarshipowl.com.
