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00:00:01
>> Some US companies are shifting their consumer focus from millennial to what comes next. According to Reuters correspondent David Randell that's generation Z.>> There's about 60 million of them right now, it's everybody borned after 1997.>> Many companies are re-working their marketing and technology to appeal to a consumer base that is more racially diverse than any other US generation, and more techie, as well.
00:00:28
>> So Generation Z is much more attached to their phones, and that's changed their behaviors in certain ways. They don't want to talk to somebody on the phone, they don't want to talk to somebody in person as much. They want to do everything through an app or through a game.
00:00:39
>> And that includes buying products.>> So L Brands, which is the parent company of Victoria's Secret. They're investing more and the speed of how quickly an order can get to somebody. The new generations might not even go to the mall anymore. Papa John's is now investing more in letting you order from your phone.
00:00:58
Trying to catch up to Domino's, which has been ahead of the game in this. And Abercrombie & Fitch, they're just investing in YouTube channels. So essentially, you can watch a show, and you can buy everything that everybody is wearing.>> According to research firm Min-tel, Gen-Z spends about $44 billion a year, and influences an additional $600 billion in household spending.
00:01:19
US companies want a piece of that pie, but the challenge is finding a balance between catering to this tech-savvy generation without ignoring the aging Baby Boomers.