Τhe millennials generation (or Generation Z), are those born between 1980-2005. Although these people are not yet financially active, it is estimated that their consuming habits and behavior are going to play a crucial role in the evolution and formation of business marketing strategies in the upcoming years.
Which are the basic characteristics of that generation?
– First of all, it should be stressed that this generation already represents the majority of the American population (25.9%), followed by the one of the millennials (24,5%).
– They were born and lived in a time of uncertainty (increasing terrorism following the events of September 11, the global economic crisis) and social development (greater tolerance of diversity and ethnic and racial diversity, changing gender roles and greater equality between them). Therefore it is a generation that is mature, resourceful, self-directed and which conformed itself, knowing how to seek and collect information. Typically, 33% of the Z generation attend online courses and a 20% read books on tablets. Indeed, 52% of those use social media for research reasons.
– This generation has been born and grown up in a technologically advanced environment and are much more familiar than millennials with the Internet, e-commerce and social media. Some of the millennials use daily two devices and the generation Z five device (smartphone, TV, laptop, desktop and iPod). Even those who belong to the last generation prefer more optical elements (eg emoticons) to written texts when communicating.
– The people of the generation Z have a tendency in entrepreneurship and define their professional goals based on a «Do-it-Yourself» mentality depending on their access to crowdsourcing (act of outsourcing tasks, traditionally performed by technocrats group , a large group of volunteers or a community, through an open call). Indicatively, 76% of them want to turn their hobby into a profession / job, while 72% of high school students wishing to start their own business.
– It is a sensitive and energetic generation that seeks to positively change the world. Indeed, 76% of that generation say they are concerned about the impact of humanity on the planet, with a 60% wish through future job to positively affect the environment and society, while 26% of people aged 16 -19 years have already been engaged in voluntary activities.
– Characterized by independence, practicality, realism and insight, while emphasizing the authenticity of messages and brands, as well as the transparency and accountability of the latter towards society and the environment.
Therefore, companies are required to adjust their ways that address their products in this generation based on the characteristics, desires and expectations. The people of Z generation will choose mostly those brands that:
– Are consistent with their values and their need to be self-sufficient, not necessarily those that are popular
– Utilize technology and modern means of communication
– Develop meaningful interactions with the user through the Internet and various mobile devices
– Use audiovisual material and authentic messages to inform, entertain and impress, so that they can recommend them to friends and acquaintances
– Do not treat them as another target audience, but as a partner in the creation and marketing process of their products
The generation Z is the most educated, technologically familiar and “most searched” generation in history. They not only represent the future, they create it as well, so companies are invited to co-create with it. In this way, they will become repeated guests entailing great opportunities for long-term profits.
References : Julia Glum (2015), Jessica Geller  (2015), Suzanne Bearne (2015), Lindsay Stein (2015), Erik Oster (2014), Liz Kaufman (2014), www.forbes.com, www.dkonsultants.gr.