Why Gen Z Is So Important?
Gen Z, also known as post-Millennials or Gen Z, is a demographic group born between the mid-1990s and the early 2010s and they are a force to be reckoned with when it comes to consumer behavior. With over 2 billion members globally, they are the largest generation in the world and an important consumer group for businesses to target.
Being digital natives, Gen Z has grown up with technology and the internet, making them highly connected and spending a significant amount of time online. This makes them easy to reach through digital marketing channels. But, don’t think that a one-size-fits-all approach will work, Gen Z is known for its diversity and businesses need to tailor their approach to reach this group effectively.
Gen Z is not just tech-savvy but also socially and politically aware, they tend to support brands that align with their values and beliefs. So, businesses need to be transparent and authentic in their marketing and branding efforts to appeal to this group. On the other hand, they are also cost-conscious and tend to research products and services before making a purchase decision, so businesses need to be transparent about pricing and value to appeal to this group.
This generation is highly visual and responds well to visual content such as images, videos, and infographics, so businesses need to focus on creating visually-appealing and engaging content to reach this group. And, let’s not forget, Gen Z is highly influenced by their peers and social media, they tend to make purchase decisions based on the recommendations of their friends and influencers, so businesses need to focus on building relationships and creating content that can be easily shared by this group to increase their reach.
Another important factor to consider is the rising influence of Gen Z consumers. This generation is now entering the workforce and becoming a significant consumer group, with an estimated global buying power of $143 billion as of 2020, and it’s important for businesses to understand their values and preferences. Gen Z is known for being highly diverse, tech-savvy, and socially conscious. They are also more likely to prioritize experiences over material possessions and to seek out brands that align with their values. A study by Accenture found that 72% of Gen Z consumers are willing to pay more for products from companies that align with their values, and 64% would switch brands to one that aligns with their values. Additionally, a research from Deloitte shows that Gen Z is 2.5 times more likely than any other age group to buy from a company that supports a social or environmental issue. Therefore, businesses that want to appeal to this growing demographic should consider updating their brand to better align with Gen Z’s values and preferences. Additionally, businesses should also consider how their brand is represented online, as Gen Z heavily rely on social media and online platforms to research and make purchase decisions. A survey by GlobalWebIndex found that 96% of Gen Z consumers use social media regularly.
Overall, Gen Z is not just a demographic group, it’s a diverse, tech-savvy, socially-aware, cost-conscious and highly visual group that businesses need to take into account in order to reach them effectively. Businesses need to tailor their approach and focus on building relationships, creating visually-appealing and engaging content, and being transparent and authentic to appeal to this group effectively.
