Millennials? They’re so last century. There’s a new generation entering the workforce and they’re even more unconventional, digitally obsessed and tech savvy. Meet Generation Z.
Who is Generation Z?
Generation Z or ‘Gen Real’ are lucky enough to be born in 1995 or later. By 2020, they are set to reach 2.5 billion individuals with a reported $44 billion in purchasing power. That’s the largest generation to date, making them your next key target market.
Just when you finally mastered Millennials unique behaviours, Generation Z arrive with a whole new set of purchasing habits. Understanding them will be crucial to driving engagement and sales for your brand.
What are their key behavioural traits?
Growing up in a world immersed in technology, it’s no wonder Generation Z are mature beyond their years. Extremely tech savvy (92% have a digital footprint) they are the only generation to not remember growing up without iPhone’s (let that just sink in for a second.)
Gen Z’ers know they can’t take anything for granted and are much more cautious than the Millennials when it comes to buying into a brand. Despite this, they are the most entrepreneurial, optimistic and diverse generation to date.
Living in a world without digital platforms is unspeakable to Generation Z. Unlimited information is instantly available at their fingertips has made them incredibly impatient, inattentive individuals. On average they have an attention span of 8.25 seconds – that is less than a goldfish. Despite all this they process information faster than any preceding generation, making them the hardest market to capture.
Generation Z wants to be treated as individuals and rejects conventional labels and behaviours towards race, gender, sexual orientation and nationality. If they spot inequalities, you can bet they will work to change them with the utmost of confidence.
So, what does all this mean for brands?
Well with diversity comes a whole new branding experience. Generation Z craves honest and frank relationships and brands must now think of their market as individuals and not consumers. They are more susceptible to campaigns and brand that centre on real people, rather than unattainable ideals.
Simplicity is key for Gen Z. There has already been a rise in the number of companies taking a gender-neutral approach to their products and packaging. With Gen Z throwing out gender norms, it is branding alterations like these that will create loyal and meaningful connections.
Generation Z is arguably the most diverse, knowledgeable and unconventional generation to date. Their motivation for change is unprecedented and this needs to be reflected in brands if they are to have any relevance. Understanding them is crucial now more than ever, by 2020 they will represent 40% of the consumer goods market.