Should you be Considering Generation Z in your Market Research?
Not to be confused with Millennials, Generation-Z were born sometime between 1995 and 2000 making them the new kids on the block, raised amongst smartphones and social media. With the celebration of #InternationalYouthDay on August 12th, we wondered just how important Gen Z are to your market research.
By 2020, Generation Z will accumulate to 40% of all customers.
That’s a lot of emerging shoppers and not a lot of time before it happens. Soon enough, the perspective of these young adults will be key to marketing success and having such a large impact on the marketplace means that this group will soon be taking a firm hold on the industry.
Whereas Millennials use 3 screens on average,Gen Z’s use 5: a smartphone, TV, laptop, desktop, and iPod/iPad.
This generation know how to use technology and they know how to use it well. There is no doubt that Gen Z can be reached through social media, but if not done effectively, the groups behaviour online can create pitfalls for marketers. Adapting to the way Gen Z consume online will prevent loss of market share.
55% percent would rather buy clothes online, and 53% would rather buy books and electronics online too.
The impact of this generation’s values lies with their purchasing behaviours. They are more likely to take a different approach than millennials when it comes to finances and so, their buying behaviours will be different too. Brands need to appeal to Generation Z’s main values: work ethic, reality and success.
Gen Z are the trendsetters of the future and are known for being technologically savvy and social media obsessed. Is it any wonder considering they were born and bred surrounded by developing technologies? Many of them cannot remember a time without a smartphone at all! With all this in mind, it’s clear to see that if any Market Researcher is aiming for success, it’s vital to consider Generation Z.
Need advice on your next market research project? Get in touch with us here at BEAM.