Culture :: What You Need to Know About Gen-Z

“We are on the verge of a generational shift with Gen-Z,” Christopher Wolf, a Goldman Sachs Research analyst, says. “By better understanding Gen-Z, we’ll also be better able to identify the influence that they’re having both economically and more broadly.”

 

 

Generation Z will account for 40% of all consumers by 2020, according to statistics compiled by Fast Company. (Source: Forbes.com).

WHO ARE GEN-Z

Anyone born from 1997 onward can be considered “post-millennial,” or, Gen Z.  My daughter is considered a Gen Zer and it fascinates me to see how much things have changed from when I was a kid.  From being exposed to technology since she was very young, her skill set in regards to technology far surpasses good ‘ol mom! But who are they and why should businesses pay attention to this creative generation?  According to a recent study, Gen Z will account for 40% of all consumers by 2020!  Time to take note of this generation if you have a product or service that you are vested in.  Research from Retail Assist shows that Gen Z is “switched on, price conscious, and hyper-connected to their surroundings—including social media and technology.  (Impact.com).

It is clear that diversity will be one of the defining attributes of Gen-Z. In the past decade alone, the rise of multiracial marriages in the U.S. has led to a 50% increase in America’s multiracial youth demographic. According to Christopher Wolf, a Goldman Sachs Research analyst, “the Census Bureau is actually forecasting that over half of kids in America will belong to a minority race or ethnic group [by 2020], so diversity in the traditional sense of the word has actually become the norm.”  (TheAtlantic.com).

 

Image courtesy of VisionCritical.com 

 

They want to co-create culture—and they do.

In 2015, the market research firm Wildness conducted a study on 12 to 24 year old in the U.S. The company’s top conclusion? This “post-internet generation” doesn’t simply consume entertainment—they help create and shape it.

What we’ve uncovered in our research is that this is a generation of CCs (Culture Creators) that are redefining entertainment, consumption, the workplace and marketing. The CCs are empowered, connected, empathetic self-starters that want to stand out and make a difference in the world. They have created a new Cultural Currency that values uniqueness, authenticity, creativity, shareability and recognition. What’s different for this generation is not as simple as the internet or technology. Technology is an important component, but what’s changed is this generation’s relationship with culture. (Source: VisionCritical.com).

 

 

The study revealed that 80 percent of Gen Z say finding themselves creatively is important. Over 25 percent post original video on a weekly basis, while 65 percent enjoy creating and sharing content on social media.

 

Marketing to Gen Z

This powerful consumer base is the next group of consumers that can help businesses grow, as long as you take note of them now and prepare your marketing strategies to cater to their needs.

In terms of spending habits, this group is accustomed to online shopping. Their ability to navigate online, coupled with a thrifty mindset, has created an army of deal hunters for whom online word-of-mouth matters greatly.

Gen-Zers are “really laser-focused on the financial consequences of their decisions,” according to Wolf. Members of Gen-Z are also entrepreneurial. A recent Harvard Business Review article suggested that nearly 70% of Gen-Z teens were “self-employed” (e.g., teaching piano lessons, selling goods on eBay) versus just 12% that held a “traditional” teen job like waiting tables. This ability and ingenuity to turn coveted skill-sets into earnings power will likely serve Gen-Zers well as they enter the labor force.

 

As Gen Zs enter the workforce and their purchasing power increases, companies can’t afford to act within conventional assumptions or generational frameworks. A deeper understanding of Gen Z customers—one that is rooted in a two-way dialogue —is required to deliver products, services and experiences that this elusive and evolving generation is looking for. (Source: VisionCritical.com).

 

Now businesses have an opportunity to get in front of this creative group.  The Gen Z Social Summit, a ConnectHER Media Event, is the first of it’s kind geared specifically towards Gen Z kids.  Held at The Great Wolf Lodge in Atlanta Georgia, May 17-19th and October 18020th at The Great Wolf Lodge in Garden Grove, California.  This invite-only conference is geared towards established and up-and-coming Gen Z influencers looking to step up their game in social media as well as provide tips for kids looking to start an online business, a YouTube Channel as well as provide helpful tips from established Gen Z Influencers.

 

 

So whether you are a business and would like to learn more about The Gen Z Social Summit, and/or have a Gen Zer who would like to attend the summit, be sure to contact me directly at melissanorthway@gmail.com.

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