Why Gen Z needs to be incorporated into your consumer audience

Forecasting is crucial for a business to stay competitive in the market. Predicting future sales is obtainable by understanding the future consumer behavior pattern, which arises a prominent question.

Who is going to dominate the future consumer market?

Long gone are the days when Generation X (those born between 1965 to 1980) ran the world. And while millennials (those born between 1981 to 1996) had taken over the baton, it seems like it’s time for them to bid adieu to the throne as well, because fastly emerging is Generation Z (those born between 1997 to 2012)— our first digital natives.

Comprising 2 billion people, which is almost 30% of the global population, Generation Z has transcended millennials as the most populous generation on Earth.

So, who exactly are these Generation Z people? And just why are they relevant?

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Growing up with technology, and being influenced by dynamic millennials, is the hypercognitive Generation Z. With diversity being their norm, Gen Z believes in authenticity and acceptance of different kinds of people. They possess a unique perspective toward everything in life, displayed by their behavior, attitude, and preferences. 

Individual expression is supreme credence for them, along with their distaste for labels. They are decision-makers, meticulous, pragmatic, and the most ethnically and racially diverse generational cohort in history.

Not only this, but Gen Z also commits to a vast section of societal challenges shouldering responsibility for sustainability, climate change, animal abuse, and hunger. They believe in the emancipation of individuals of every race, gender, identity, and orientation. Changing the world for the better is their solemn devoir.

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By being the most dominant cohort, their consumption pattern, naturally, determines the future. Here’s a list of some of their observed consumer behavior: 

• For obvious reasons, they’re likely to shop via social media.
• They research thoroughly and weigh all the possible options before making a purchase.
• Brands’ ethical and corporate responsibility is climacteric for them. They don’t look for brand names, instead quality is pivotal to them.
• They are ‘informed consumers’  and are mostly aware of their rights, expecting quality customer service and products.
• Although they are an online generation, they still love to go shop in stores.
• Sustainability is crucial for them. They boycott brands that are detrimental to the environment and take action on brands that go against the cause they believe in.
• They are highly influenced by internet sensations, celebrities, and influencers. Influence also takes place because of peers’ shopping habits and preferences.
• Being economical and price sensitive, their purchases are even inclined on credit.
• Mobile payments or mobile wallets are largely embraced by them.
• Efficiency is rather important to them because alternatives are readily available.

Now that we’ve assimilated the consuming pattern of Gen Z, the question that naturally arises next is—

How to consolidate this consumption pattern into your business strategy, so that Gen-Z becomes your brand’s consumers?

Following are some other ways to incorporate Gen Z into your consumer base:

1. Multichannel Approach: As Gen Z is known to spend a lot of time online, it is apparent that online marketing is mandatory. But it doesn’t end there. To gain trust, offline marketing is needed as well. This way, the brand gets a chance to make a dent in the digitally saturated minds of Gen Z.
2. Self-Expression: Searching for truth and self-expression is the main spur of Gen-Z’s consumption. They want transparency and they need to be kept in the loop. This need is something that can be tapped into and supported effectively by the brands.
3. Belongingness: Being a part of a like-minded community is extremely valued by Gen Z. This is where establishing a community and running campaigns can work wonders for brands.  
4. Ethics and Morals: As mentioned earlier, Gen Z is quite particular and stringent when it comes to ethics and morals, so it would be in the best interest of the company to not overlook this aspect. Be it the product packaging, or even the raw material used, Gen-Z will research everything down to the minutest of details to either endorse or disown a brand in their bid to stand up for their beliefs. 
5. Cancel Culture: Gen Z is a lot that firmly believes in ‘practice what you preach’. What this means is that if your company is supporting a cause on paper, it’s better if it implements it IRL as well— or run the risk of saying adios to the industry, courtesy of Cancel Culture. 

As you can gather, the consumer landscape is rapidly being transformed by the generational shift. This reiterates the importance of market segmentation, making it fundamental for your business strategy. 

Our take is that Gen Z should not be lumped with the preceding generations in terms of their behavior, or their impact on business. Why? Because being a large population, their influence is far-reaching and extends well beyond their generation— affecting aspects of business, including marketing.      

In such a dynamic environment, where the upcoming internet-informed and tech-savvy generation seeks brands to do better, keeping up with the times can only be achieved through availing the digital marketing services of experienced professionals such as Matrix Bricks. 

We are a lively lot and a trusted digital marketing agency, adept to handle any and all time-brought challenges, in time. 

Source: https://www.purewow.com/family/gen-x-characteristics