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Insights Into the Rising New Powerhouse Generation

November 19, 2017

Insights Into the Rising New Powerhouse Generation

#SocialSpeak is back with its 8th instalment, read on to learn about the newest powerhouse generation to hit the market: Generation Z.

“Just as Millennials overtook Gen X, there’s another big buying group retailers need to plan for, and it’s even larger: Generation Z”

-Matthew Shay, President and CEO of the National Retail Federation.

Gen Z: A rising new buying power:

Generation Zers, typically knows as the people born after the mid-1900s and up to the early 2000s, have recently started to make a significant impact on marketing trends. While most might consider Gen Z as a future market to tailor for, they already contribute an impressive $44 billion in direct purchasing power. Despite their young age, Gen Z are ‘proactive’ buyers, meaning that tailoring your marketing strategy to accommodate their unique worldview might not be such a bad idea. But what is this worldview and how does it differ from that of Millennials?

To start off, while Millennials were introduced to recent technology and the fast-paced internet at a young age, Gen Z was born with a ‘screen in their hands’. They’re able to absorb and respond to images and data at a faster pace than the earlier generation, and they have a lower attention span.

Also unlike their predecessors, Gen Z view social media a tad differently. While Millennials see it as a useful tool to stay connected with friends and loved ones, Gen Zers view social media outlets as an integral part of their social life. On average, this generation spends up to 11 hours on social media, making it only logical that brands need to rethink their marketing directive to suit such a high level of digital consumerism.

What to do, and how to do it?

How does a brand get the attention of a generation notorious for having an 8-second attention-span? Gen Z has already answered that! It all comes down to brand engagement.

Let’s get technical for a minute. The Institute for Business Value and the National Retail Federation have put out information that can completely change a brand’s marketing campaign when it comes to establishing a new loyal consumer base, and the data is shocking.

The research shows that Gen Z are eager to have meaningful interactions with their brands of choice, from participating in online competitions, to submitting product ideas, and even to creating content for the brand, they want the interactions Millennials were hesitant to participate in, and they want them on their favourite social media outlets like Snap, Instagram, and to a lesser extent Facebook.

But it’s not all sunshine and rainbows, you need to earn this Generation’s loyalty through more than just an engaging online campaign! Gen Z are very selective when it comes to brand loyalty, which shouldn’t be too surprising giving the world they grew up in. They expect a brand to have a ‘social consciousness’, gravitating more towards brands that are eco-friendly and socially responsible.

This doesn’t mean that they don’t expect outstanding marketing campaigns. Remember the 8-second attention span? Brands need to show that they care about the world we live in while keeping it fun, fresh, and exciting.

Sources:

http://www.thedrum.com/opinion/2016/05/17/generation-generation-generation-z

https://www.retaildive.com/news/study-gen-z-seeks-more-brand-interaction/448378/

https://nrf.com/media/press-releases/despite-living-digital-life-98-percent-of-generation-z-still-shop-store

https://nrf.com/resources/retail-library/gen-z-brand-relationships

http://www.thedrum.com/news/2016/05/12/optimization-generation-wunderman-shares-new-generational-research

http://www.thedrum.com/news/2017/11/01/10-facts-about-the-mysterious-generation-z

http://www.thedrum.com/news/2017/04/13/study-teens-college-students-favor-snapchat-while-gen-z-spends-up-11-hours-day

https://www.marketingdive.com/news/why-gen-z-might-signal-the-end-of-demographic-targeting-as-we-know-it/506796/

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