Generation Z as long as the largest segment of the population, with this in mind, many have focused to this generation’s possible potential. As of 2019, Generation Z will compromise 32% of a 7.7 billion global population, sliding ahead of millennials who will account for just 31.5% of that share.
It is now a race to bring the best markets to generation Z. The older members of this generation have just recently graduated from the University and have begun to enter the workforce and are now compromise in a large portion of consumer spending. It is expected by the year 2020, Generation Z will account for almost 40% of all consumers in the market. They have a potential buying power of $44 billion which expands to over 600 billion when one considers their possible influence on their parents spending. It is easy to understand why marketing teams are doing all they can to capture the attention of this highly profitable segment of the population before their competitors do.
As with each generation before, Generation Z has a unique set of behaviors and challenges which leads marketing teams many possibilities. The following will help you understand Generation Z to create the perfect marketing blueprint.
A Mobile First Generation
Individuals who are considered to be individuals of Generation Z were born after 1995, meaning they have no idea of how life was without technology. There are the first generation to be raised in the presence of smart phones and social media. Millennials are considered to be mobile pioneers whereas Generation Z are native to mobile technology. Generation Z members between the ages of 13 and 17 typically received their first smart phone at the age of 12 compared to those who were 16 for 18 to 24-year-olds and 20 years old for those who are ages 25 to 34.
For many Generation Z members, the smart phone is an indispensable device, it is estimated that 78% will use their smart phones as a means of communication, shopping and entertainment. One of the main things to remember about this generation is the fact that they use their smart phone on a day to day basis. In addition, they will use their smart phone for a wide variety of tasks all at the same time. Meaning they can be texting, creating a document and posting a photo on a histogram all at the same time.
Authenticity Is Key
While authenticity has become an essential part of marketing, Generation Z is taking it further. They have made it fully clear what they consider to be important, they want to know the company and the person behind it. Due to the fact that this generation has been exposed to digital marketing from the very beginning, their instinct is to filter out anything that feels artificial. In fact, they do not want you to market to them, they want a relationship.
One of the things that sets Generation Z members apart from others is the fact that they are financially savvy. Many members of this generation were impacted by the recession in 2008 and saw their parents deal with many financial struggles and millennial’s dealing with high unemployment and wage issues in addition to staggering student debts. Over 60% of Generation Z individuals already have a savings account, that is considerably higher than previous generations. For members of this generation, price and quality are key considerations, they will spend a great deal more time searching for a better deal on their smart phone then making an impulsive decision.
Due to the fact that this generation is part of a connected society, they are much more use to updates from their apps. Many of these individuals will spend their day flipping through various social platforms, texting friends while watching their favorite show on Netflix. Many Generation Z members have the ability to juggle up to five various screens at once. For many of these individuals, they have absolutely no problems juggling a wide variety of tasks.
It should be noted though, that the majority of these individuals have the shortest attention span in history. Believe it or not, most members of this generation have an attention span of only eight seconds, which is actually shorter than that of a goldfish. Due to this fact, this generation tends to be more responsive to videos and images as opposed to text. One of the best ways to gain their attention and leave an impression with them is to use visually striking material.