As you might appreciate, Generation Z (Gen Z) is right on the cusp of being the biggest population segment globally. As such, businesses are shifting their focus on this generation and the potential they represent. By 2019, researchers estimate that Gen Z will comprise about 32% of the entire global population of about 7.7 billion. This population is a tad more than millennials, who are estimated to account for 31.5%.
Therefore, the race to market to Gen Z is on. The oldest among the Gen Zers are fresh out of university or they will be. This means that they are the new entrants in the workforce, gaining a considerable portion of the overall consumer spending. It is estimated that Gen Z will account for 40% of consumers by 2020. On the purchasing front, it is estimated that they will have approximately $44 billion of their own money to spend. However, their overall spending power is estimated at about $600 billion, taking into account their influence on their parents’ expenditure. With this in mind, marketers are moving to grab the attention of Gen Z before their competitors can through methods such as digital marketing and corporate video production company inspirations.
Just like every generation before them, Gen Z comes with their own unique set of behaviours. As such, they present a unique challenge for marketers. In this read, we will explore everything a market needs to know about Gen Z.
Generation Z members were all born after 1995. As such, all through their existence, they have lived in a world filled with cutting-edge technology. They are the generation raised with smartphones, social media, and other technologies being readily available and easy to access. Millennials were in every sense of the words, mobile pioneers. However, Gen Zers are entirely mobile natives.
Consider this, Gen Z members who are 13-17 years old received their first smartphones by the age of 12. On the other hand, individuals aged between 18 and 24 got their first smartphone at the age of 16 years. Finally, those with an age between 25 and 34 got their first smartphone at the age of 20 years.
Smartphones are the most popular device for Gen Z. Over 78% use their smartphones on a regular basis to communicate, shop online, stream videos, and other things. In fact, Gen Zers use their smartphones to complete a wide variety of internet-based tasks on a day-to-day basis. From creating documents to posting images on social media platforms.
While authenticity has become a major interest in the marketing world, Gen Z is taking even further. Of importance to the Gen Z cohort is feeling like they know the brands and in some way actually knowing the brand and what the brand is all about. Since they have been exposed to digital marketing right from the early stages of their lives, they are more likely to filter out brands that appear manufactured or artificial. Instead, they favour having a genuine relationship with the brands, and not being simply marketed to.
Gen Zers are also more financially-savvy than any of the early generations. A lot of their years were spent under the influence and impact of the 2008 Great Recession. They not only witnessed the financial struggles of their parents, but they had to endure it. Moreover, they watched as millennials get into the workforce in an environment with high-unemployment, poor wages and wage stagnation, and high student debt.
Consider this; over 60% of Gen Z already have savings accounts. This a far higher proportion than any other generation at this age. Quality and pricing are important considerations for Gen Z. They are more likely to scour the internet using their phones to find a better value proposition in the way of better pricing.
Having grown in a connected world, this generation has grown used to constant updates from the variety of apps they use. As such, they highly likely to spend their working days communicating with friends, listening to music or podcasts, and communicating with friends, whilst working. Generally, they can juggle between as many as 5 screens at any given time. This means they can pay attention to different tasks at a time rather more naturally than individuals of previous generations.
However, they tend to have the shortest attention span of any generation. On average, the attention span of Gen Z is meagre 8 seconds. This is shocking, considering a goldfish has more. As such, they are more responsive to emojis and GIFs than plain text. As such, marketers should creatively use visuals, as it is more likely to grab their attention and leave a longer lasting impression instead of using long-form content.