Independent, personal brand conscious and super creators. Meet Generation Z.
Generation Z (Gen-Z) is the next hyper-connected generation that will force education, businesses and brands to shift into the new era of consumerism. They rule household incomes and have a healthy growing purchasing power. Gen-Z understands the value of personal brand development and see technology as a tool to achieve their goals.
Unlike Millennials who are disillusioned about their futures, Gen-Z are realistic about the challenges ahead. With 89% of them remain optimistic about their futures, which is higher than any other generation on record. Let’s take a look at how this generation will shape our future world and what are the best ways to connect with them.
There are nearly 2 Billion Gen-Z’s around the globe. Their parents (Gen-X) come from a generation that is quite stable, resilient and who have lived through a global financial crisis.
This influence has rubbed off on Gen-z who are a very independent and competitive generation, having been taught that there are definitely winners and losers in life. Gen-Z are a generation hat want to get involved. Rather than being observers, they want to be part of job solutions, social activities and participate in meaningful causes.
Rather than being part of the awesome generation (Gen-Y) they carefully choose what types of initiatives they get involved in and advocate this through their preferred social media channel, Facebook.
Savers, not spenders.
Gen-Z are careful spenders and taught how to manage their money from a young age. In the US, Gen-Z have an allowance of nearly (US) $70 a month, which equals approximately (US) $44 billion a year.
In a survey by lincoln financial group, 400 members of Generation Z aged 11-21 found that they are saving far earlier than than older generations: 60% of them already have savings accounts and 71% say they are focused on saving for the future.
Their top three priorities are getting a job, finishing college, and safeguarding money for the years to come.
Traditional systems are shifting how Gen-Z view and value education.
Welcome to the smart generation who are reinventing education codes by bucking the system. 66% percent of Gen-Z say their number one concern is drowning in college debt, and 75% say A good education does not mean going to college.
Massive Open Online Courses (Moocs) plus internships at the best companies in the world will give this generation a head start into deciding their future.
Personal brand development.
Gen-Z’s do not trust big corporations and brands. Today’s Gen-Z’s are anything but naive. Many are aware that Instagram, Snapchat, and YouTube stars are paid to endorse products.
Gen-Z’s are working on their own personal brand and not just from a social media perspective.
Their values are about creating a more meaningful personal brand based around participating in collaboration groups, building a considered social media presence and getting involved in a world of creative awareness.
They are the true creator generation using a mix of experimental technology and mass media to create and enhance the personal brand.
Gen-Z have a global spending power of (USD) $829.5 Billion.
Gen-Z are disconnected from most of today’s brands who are still trying to connect to this demographic through traditional advertising methods. Their loyalty skews towards quality and better value over being dedicated to a particular brand.
81% of Gen-Z’s are willing to jump from brand to brand with more than 80% happy to commit to loyalty programs. They are a super digital savvy generation with more than 64% preferring to shop in-store rather than online.
“Generation Z is constantly connected to technology, which retailers may find intimidating to overcome when it comes to in-store engagement,” according to The Next Generation of Retail Report 2016.