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>> Joel Stephen
]>> In the world of business it's never too early to start thinking about the next group of customers. A small but growing list of US companies from Campbell's Soup to Charles Schwab already executing plans to win over the $69 million teenagers. Who are still in high school or even younger, known as generation Z.
Reuters reporter David Randall says that groups spending power will soon rival that of its older sibling the millennials.>> By 2020 they're expected to be 40% of the US workforce. And a couple years after that, they are going to out number everyone else.>> But don't expect typical kiddie pitches for acne creams and video games.
This group of teenagers is unique for several reasons.>> The thing about generation Z is they are the first generation that came up owning smart phones, that TV has always been on demand for them, they trust technology to do everything. They were probably five or six when 9/11 happened.
They grew up with the financial crisis. They saw their older millennial siblings coming back, maybe not be able to get a job right away. So they're seen as more practical and they're seen as perhaps less risk taking than previous generations.>> Corporate America coming up with a new playbook to reach them.
Charles Schwab will start transitioning its financial advisors into something akin to financial life coaches. And Campbell's Soup pointed to Generation Z as a reason it stopped opposing labels for foods containing genetically modified ingredients knowing the tech savvy group would find out anyway that companies already trusted by Generation Z have a head start, think Alphabet's Google which includes YouTube and of course Apple.