Meet Your New Customers: Generation Z
A lot has been written about the marketing trends to be tuned into for 2019. As with anything else, change is to be expected. Popularity of different ways to advertise will change. What’s hip and cutting-edge today may look out-of-date tomorrow. And the consumer audience is shifting; specifically, in terms of age. Hello, Generation Z.
New audience means an intensified change-up of marketing strategies.
While Generations X and Y remain a significant percentage of the buying public, younger consumers have the power to purchase, and they are exercising it. When the forecast of Generation Z (those born between the mid-1990s to the mid-2000s) as the “consumers of tomorrow” was reported a couple of years ago, it was noted that methods of marketing would need to be enhanced or completely refreshed in order to attract their attention.
With technology, members of Generation Z are products of their times.
An online retail platform, Teespring, specializes in custom-made products. Laura Ewing, head of trends, provided noteworthy insights for an article by Tyrone Stewart of Mobile Marketing. The worlds of entertainment and retail have become increasingly combined. As a result, these young people are acclimated to receiving content in this manner. Online stores must increase their capabilities to create “shoppable content” – promoting a brand’s goods or services while simultaneously entertaining the viewer.
Generation Z can combine social media with business sense.
Ms. Ewing goes to state that members of this age group have a combined savviness for tech and business; more so than previous generations. For example, many have been able to do business and make money via social media. Advertising on social, therefore, while already a major force in marketing, will reach new heights to accommodate Generation Z, as will mobile apps, which are where they make purchases.
Individuality and influence.
Further evidence of what Generation Z wants and expects is discussed in MarTech Series. Referring to a study entitled “A Generation Without Borders,” conducted by OC&C Strategy Consultants, this audience places a huge emphasis on being individualistic and unique. (It is fitting then that a site like the aforementioned Teespring should be in step with Generation Z.) Yet despite this stance on individualism, some are also influenced by their friends as well as favorite celebrities. Thus, a whole new window of possibilities for influencer marketing may be on the horizon. Again, changes in tone or tech will be needed to appeal to this new audience.
After fallouts suffered last year by Facebook and Google (privacy and security breaches), as well as Amazon (fake reviews), the demand for transparency and honesty in 2019 is shared by all customers, regardless of age. The argument may be made that Generation Z is the strongest voice for this demand, based on the value they place on integrity. Additionally, sustainability and social consciousness are also important to this group. As simple as it may sound, brands which are not completely transparent, or are vague in their messaging, need to make rapid changes in their methods and culture in order to stay in business.
How much impact will Generation Z have on marketing?
The MarTech Series article states that Generation Z accounts for 30-percent of the worldwide population, with 7-percent who have purchasing power. Unbelievable as it may seem, that purchasing power is growing – fast. Mr. Stewart claims that by next year, Generation Z will be the highest spending consumer audience, and account for approximately $143 billion in spending. A lot of buying and selling is in store.
Want to find out how to deliver your brand and its message in fresh, new ways which will appeal to the growing customer base of Generation Z? Contact EGC today to learn more.