Generation Z is soon to become the most important segment of the world’s population. Since the potential is huge, more and more digital marketers make this generation their core target. Soon, Gen Z will account for one third of the global population of almost 8 billion, while the millennials will only count about 31 percent share.
This means that digital marketers have already started the race to win the heart (and the wallet) of Generation Z. The oldest individuals in this segment are still students or they are just about to graduate, so they will soon get a job and have their own money to spend on goods and services. Marketing companies Basingstoke and recent market projections show that by 2020, Generation Z will comprise about 40 percent of the total number of consumers. This target group has a buying power of $44 billion, expanding to a whooping $600 billion when taking into account their influence on the spending of their parents. Smart marketers try to make the move sooner rather than later to target these people before everyone else.
Like all generations before them, Generation Z has its own particularities and specific behaviours, therefore presenting a unique set of challenges for marketers that target them. Here are a few things you’ll want to know before developing your marketing strategy to gain the attention and the money of Generation Z.
Since all members of Generation Z were born after 1995, they are all accustomed to modern technology. They are the first generation that can not remember a world without mobile phones. Many of them are younger than the oldest social media networks. While millennials had to adjust to using mobile technology, Gen Z members were surrounded by it since birth. As mobile natives, there is no wonder that most Gen Z members received their first smartphone in their early teens.
This makes the smartphone the most popular gadget for Generation Z. Almost 80 percent of them use their smartphone to streamline videos, to keep in touch with their friends, and to shop online. They would rather use their smartphone than a computer to perform many of their day-to-day tasks. They are able to create a document, to edit it, post on their favourite social media networks, and to take notes, all these while talking on the phone.
You may argue that authenticity is already one of the focus points of digital marketers. However, Generation Z takes this need one step further. To them, feeling like they know the brand or person behind the camera is of utmost importance. Since most members of Generation Z were exposed to social media signals since early childhood, they are able to detect everything that appears artificial or fake. They hate being marketed to, so they want to feel they are in a genuine relationship with brands before deciding to make a purchase or to become their fans.
Gen Z members are more financially-savvy than millennials. Most of them have experienced the Great Recession in 2008 during their formative years. They’ve seen their parents fighting to overcome major financial struggles. They’ve also seen millennials having to deal with high unemployment rates and wage stagnation, all these under the huge burden of student debt. Over 60 percent of Generation Z already have a savings account. This percentage is higher now than ever before. They value price and quality, so they tend to be smart shoppers. They usually seek for better deals on their smartphones before making a buying decision.
Because these individuals have always lived in a connected world, they are used to getting regular updates from all their apps. They don’t have any problem with spending their time toggling through their favourite social networks while chatting with their peers and watching television or listening to podcasts while also doing their work. Apparently, the average Generation Z member is able to handle about five screens at a time. Switching between tasks and sharing their attention between multiple stimuli comes naturally to them.
It is also true that they have the shortest attention span ever. The key to having them hooked on your messages is to capture their attention within a split-second rather than making them scroll through long sales pages.