Generation shifts are occurring at a fast pace and the world will soon experience the rise of Generation Z (born between 1995 and 2009), which represents the largest consumer base through to 2030. Despite their young age and limited income today, Gen Z will shape the ways businesses create and market their products tomorrow. Brands that can accomplish Gen Z’s expectations for authenticity, technology and social equality will capitalise on this growingly influential consumer segment.
Who is Generation Z?
Generation Z is the youngest generation cohort, but they represents the largest consumer base through to 2030. As Gen Zers will become increasingly influential, businesses need to be prepared for this next generation of consumers and make them part of their business strategy.
Gen Zers’ income today is lower than other generations, but their purchasing power should not be underestimated. Tweens, teens and Young Adults are often a spending priority for families, while they also have significant influence on family purchase decisions.
While Millennials grew up with computers in their homes, Gen Z is the first generation born into a digital world. With their digital prowess, Gen Z expects brands to act digitally native too, creating a seamless and unified experience across in-store, digital and mobile.
Born in a time of economic recession and financial turmoil, Gen Zers are pragmatic and cautious consumers. They prefer products that offer them values and reflect real life. Gen Zers are interested in innovation and entrepreneurship, and look for products to empower them and help them to express their individuality.
Generation Z is a diverse, adaptive, open-minded and socially responsible generation who wants to make the world a better place. To gain respect and loyalty from Gen Zers, brands need to show their commitments and create a business model that is built on sustainability, equality and acceptance.
By: An Hodgson