Future of the Family: Generation Z as Homemakers

July 2019

Generation Z, the largest population segmentation, is starting to reach adulthood and by the 2030s many will have formed family. With their unique characteristics, Gen Z will shape the future family structure, with households becoming smaller and more diverse. Although habits may change as they age, Gen Z tend to have a strong preference for homeownership, smart technology and spacious home. Lifestyles will be geared towards smart living based on financial planning, collaboration and sharing.

USD 1,325
Request More Information

Key findings

Gen Z families are likely to be small and diverse

Following the Millennials, Gen Zers will further delay marriages and childbirth, resulting in a rise of smaller households, with more consisting of one person or childless couples. Gen Z families will also be diverse and “untraditional”, as this generation values equality and individuality. These factors will have wide-range impacts on numerous segments.

Homeownership may rise, while future homes will be spacy and tech-focused

Gen Z homemakers tend to be more ambitious in owning their homes, as they are attracted by the financial value that homeownership may offer. Gen Z homes are likely to be urban and spacious, with facilities and appliances offering personalised experiences at home. Smart home tends to be a prerequisite for this generation, and they would be a future driving force of this segment.

Smart financial planning and responsible and collaborative living will shape future family lifestyles

Gen Z homemakers will tend to spend time on themselves and with their families, while they also see financial security as a priority. This generation’s pragmatism and social-environmental consciousness will drive their family purchasing decisions, requiring brands to focus on quality, value, ethnicity and sustainability. There will be more opportunities for the sharing and circular economy, as Gen Zers may not want to own household durables, but still require access to them.

Gen Z families should be part of companies’ future family strategies

As Gen Z enters the workforce and begins to form family, brands need to be prepared for these future homemakers and changes in the family landscape. Households headed by Gen Zers will reach 659 million by 2030, making it a significant family segment. Their income and spending power are also expected to be stronger and reach national average levels in many markets by 2030.

Introduction

Scope
Key findings
Key facts on Generation Z
Gen Z households will have growing influence
Key traits of Gen Z

Diverse, Genderless Family

A view to future Gen Z families
Smaller households
Diverse families
Fading gender roles
Implications for businesses
Hornbach: smashing the stereotypes

Owning Spacious, Digitalised Home

Gen Z’s preferences of future home
Gen Z may revive homeownership …
… and prefer to have space in their home
Smart home will be a prerequisite
Personalised experience at home
Haier: customising for the next generation of homemakers
Voice technology will drive Gen Z’s digitalised homes
KitchenAid Smart Display enables hand-free cooking
Implications for businesses

Smart, Responsible Living

A view to future Gen Z family lifestyles
Taking time for self and for the family
Focussing on saving and investment
KeyBank: Hassle-free account
Shopping criteria: quality, value and green features
Access over possession: collaborative consumption
Mercari captures the demand for reuse among Japanese youth
WeWash connects washing machines and users
Implications for businesses

Conclusions

The future Gen Z households in brief
Gen Z versus Millennial households

CONCLUSIONS

Outlook on Gen Z household income and spending power
Targeting future Gen Z homemakers: key takeaways
Share:

NEW REPORT GUARANTEE

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page