Generation Z are a growing market of consumers for brands big and small around the world. With a global population of 2 billion people and an estimated collective buying power of AUD1.27 trillion, business owners, product designers, and marketers are taking notice of the young people entering our stores and adding our products to their virtual carts.
Also known as the 'Digital Natives', Generation Z are the first generation that have grown up with touch screen devices, social media access, and wifi connectivity. This generation are incredibly digitally savvy, well-researched in their decision-making process, and increasingly social as they share their favourite content, products, and deals with their friends in person and online.
With the oldest Gen Zs now in their late 20s, a number of key trends have already been observed about this generation as consumers. For any brand looking to engage with Gen Z as future consumers, there are the trends you need to consider as you plan your marketing:
Research-Based Decision Making: The average Generation Z will have 6-8 tabs open when making a purchasing decision. More than ever, companies need to be doing their competitor analysis and they must ensure they are demonstrating their unique value proposition to customers throughout the sales funnel.
Conscious Consuming: Young people want to shop with, and work for, brands that they are proud to be associated with. With young professionals willing to take up to a 30% pay cut to work for a company or a cause they believe in, ensure your organisation is actively making a difference in the community.
The Anti-Brand: Engage first, sell second. Young people are becoming desensitised from corporate polish and are instead gravitating to brands that are more authentic and less pushy in their sales approach. They are looking for authentic brands that are there to educate, entertain, or inspire them first, and then leave the door open for a purchase if the customer is interested. Try shedding the corporate polish.
Digital By Design: It goes without saying that young people today are digital natives. They use their digital tools almost constantly to connect, collaborate, communicate, and most importantly, shop. Make sure your business has a great digital presence with engaging content and multiple engagement opportunities for consumers.
About The Author: The tech-head prodigy behind BOP Industries, Scott Millar is a young entrepreneur taking the world by storm. Compared to a young Steve Jobs after turning a year nine business project into a thriving business, Scott finished high school and deferred university to run BOP Industries full time, now with a growing presence around the world. Scott has recently been named one of Australia’s top 30 under 30 in business, Asia Pacific’s Inspiring Youth Leader for 2019, Queensland's Small Business Leader for 2021, Griffith University Entrepreneur In Residence, and an LGBT advocate and leader in Australia and overseas.
To find out more about Scott and to book him to speak at your next event, head to: www.iamscottmillar.com/speaking