They might be young, but they should not be overlooked.
Generation Z, currently the largest of all living generations, accounts for approximately 26 percent of the U.S. population. Although they may not have a lot of buying power yet, brands should not overlook this fact driven, socially aware generation.
Generation Z includes anyone born after 1996. This age group is shaped by a variety of historical events, including the financial crisis of 2008 and the presidential election of 2016. This transformed Generation Z’s understanding of the world and their motivational factors. They are driven by financial security, benefits and results, social stability, strong values and authenticity.
Approximately, one third of Generation Z individuals currently entering college either lost their home, or a family member lost their home at some point in their life due to the financial crisis of 2008. Because of this, they are hyper aware of financial success. This affects the majority of their consumer decisions. While Millennials tend to live in the present, Generation Z focus on their future.
Benefits and Results
Millennials are very experience driven. Generation Z partakes in activities and buys products that will bring positive benefits to their life and move them towards success and achieving their goals. When trying to sell to the consumer in this generation, it is important to demonstrate the positive results your product brings to the table. Don’t simply focus on the product itself.
Despite growing up with technology at their fingertips, this generation feels very disconnected and lonely. Millennials support their primary friendship with secondary phone and social media use. Generation Z however, utilizes social media and cell phone interactions as their primary relationship with people. It’s important to capitalize on social media marketing with an emphasis on video content. This allows brands to directly connect with these young consumers with tailored and engaging messages.
With unlimited access to the internet, the news and the opinions of people from all over the world constantly surrounds this generation. This causes Generation Z to form their own strong opinions at an early age, and become more politically active than previous generations. Knowing that a brand is socially conscious positively influences over 50 percent of Generation Z during their consumer decisions.
As a generation that surrounds themselves by social media, they are quick to identify when an individual or a brand is not being authentic or transparent. Both Millennials and Generation Z value their exterior social media presence. However, the latter is more driven to authentically present themselves online. They expect the same from the brands they support.