Let's start with Gen Z, a generation that is quickly becoming the face and the influential decision-maker for purchases. Global Management Firm Kearney estimates that by 2026 Gen Z will become the largest consumer population, representing 82 million consumers. Right now, $150 billion in buying power is in the hands of Gen Z consumers, according to McKinney, a US Management & Consulting Firm.
This generation grew up with digital access and they want transparency, efficiency, and free shipping.
Who is Gen Z? It's individuals that were born between 1996 and 2010 and they've just started to enter the workforce.
Take a look at these facts:
According to Facebook, 68% of Gen Z expects brands to contribute to society. Searching for the positive impact, according to McKinney’s research, 90% expect a company to address environmental and social issues. Words like sustainable, reusable, and recycled are part of Gen Z’s identity.
48% of Gen Z wants inclusion for brand choices, not gender-specific so the trend back towards unisex styles is expected to rise.
What and how are they buying?
While this generation has limited buying power, they do hold influence over what their family buys. When it comes to what types of items they are buying, 66% want high-quality items (Institute of Business Management). Ensure your campaigns showcase the value of what you're offering them.
Entice new consumers by offering them a coupon or discount with their first purchase. This seems like common sense, why is this important for Gen Z? Well, 65% want to get the most for their money and see the value in coupons, discounts (Institute of Business Management). However, be careful with how you present them with information, 67% find online ads disruptive.
What else do you need to know?
Gen Zers tend to want instant gratification over traditional loyalty programs. This is also true for any platform they interact with your brand - website, app, phone call, etc. they aren't known for their patience. (Vision Critical)
Gen Zers want tangible experiences, face-to-face interactions, and social media-worthy opportunities.
This generation expects brand interactions to be meaningful. 53% choose brands who understand them as an individual and as such, expect to connect on a more personal level. Purely digital interactions are cold to them, Gen Zers want tangible experiences, face-to-face interactions, and social media-worthy opportunities. (Vision Critical)