07 Dec, 2018
You have heard a lot about the Millennial generation, but no one is preparing for their successors, Generation Z. Don’t lose your competitive edge by ignoring this rising generation.
Generation Z are those loosely born between 1998 to 2010 (or mid-1990s to mid-2000s). They make up approximately 26% of the US population. Unlike their predecessors, generation Z’ers are digital natives. The internet was not a revelation of a new era, but just a normal part of life. And with that, Generation Z is more diverse and global minded than other generations. Because of the normalcy of technology in their lives, Gen Z is less enamored by the digital world. In fact, 74% of Gen Z prefers face-to-face communications with their colleagues.
Gen Z is expected to work 77% harder than previous generations. In a study done by the University of Michigan in 2015, more than 55% of US senior high school students were willing to work overtime, which is up from the 50% response of the same demographic in 1984. The premise is that because Gen Z’ers grew up during the recession making them more realistic about the future. Though at the young top-end age of 23, 77% of Gen Z currently earn their own spending money via earned allowance, a part-time job, or freelance. Also despite being so young, Gen Z’ers already have retirement in mind with 12% already saving and 35% planning to start saving in their 20s. Not only that, in a 2017 report by The Center of Generational Kinetics, 1 in 5 Gen Z’ers say debt should be avoided at all costs.
Do not let their age fool you. By 2020, Gen Z is expected to account for $29 to $143 billion in direct spending in the US and will account for 40% of all consumers. Also, in a report by CASSANDRA, 93% of parents say their children have influence on household purchases.
85% of Gen Z uses social media to discover and learn about brands and products, with the most popular platform being Instagram. More than 50% of Gen Z has purchased a product seen in a paid social ad. 75% say that their phone is their device of choice.
Because they have grown up in a very fast-paced tech stimulated world, Gen Z’s average attention span is 8 seconds. IBM’s report, Uniquely Generation Z, showed the 60% of Gen Z will not use an app or website that loads too slowly. You have 8 seconds, make it count! Having a fast-mobile app and website are key to keeping Gen Z engaged. Reviews from friends and family are also important to them with 48% getting input from friends and family before a purchase, and 50% often leaving feedback for a brand or product.
They want authenticity, but not how previous generations have defined it. Give them quality content. They prefer high-quality more than high-quantity. They want you to get to the point, the end-game, how will buying your product/ service benefit them or whatever goal your company is trying to reach. Show them the value and leave the fluff on the side. They also put a high prestige on making an impact. 30% of Gen Z would take a 10-20% pay decrease to work with a company aligns with a mission they care about. 93% of Gen Z says a company’s impact on society affects their decision to work there. Gen Z cares and they want their brands too care too. (2019 Marketing Trends)
Get started on your marketing plan for Gen Z by reviewing your digital marketing strategy and mobile-first strategy. Need help getting started? Contact us for a strategic consultation session!
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Digital Current | A Conversation with Joel Tracy, CIO of IMC Companies