GV eNewsletter – May 2019 – Here Comes Generation Z!
Here Comes Generation Z!
The Younger Generation is a Force to be Reckoned With
Marketers covet them. Employers can’t do enough for them. Sometimes it seems like the whole world is in love with millennials. Sometimes it seems like they’re the only generation that matters.
But now there’s a new generation in town. Make way for Generation Z, a group that’s even larger than the millennial generation.
According to Forbes, it is only a matter of time before companies start shifting their focus toward this younger group. Many already have.
Generally defined as those born in 1995 or later, Gen Z’ers comprise more than 25 percent of the U.S. population. By 2020, they’ll account for one-third. Some are still grade schoolers, while others are already contributing
to the workforce and gearing up for their first promotion.
The first truly digital natives, having grown up with smartphones, social networks, selfies and dating apps, Gen Z’ers expect information on demand and, many believe, can make better and more informed decisions than their elders.
Members of Generation Z are already one of the most powerful consumer forces in the market, with an estimated buying power of $44 billion ($600 billion when you consider the impact they have on their parents’ spending). They’ll
represent a projected 40 percent of U.S. consumers by 2020.
So, if they haven’t already, businesses need to take Generation Z seriously and begin customizing sales and employment strategies to their habits and preferences.
Strategies for Marketing to Generation Z
Focus on social and mobile and include multiple touch points. Use various formats such as video, stories, etc.
Stress what’s in it for them. Don’t sell the product; sell the success they will achieve by using it.
Communicate your message and value proposition quickly, or risk losing your audience – and the sale.
While you clearly can’t write off millennials (or Gen Xers or baby boomers, for that matter), all of whom continue to contribute to the economy in significant ways, Gen Z’ers are poised to steal the spotlight. Here comes Generation Z!
What’s in a Name?
Though it’s impossible to generalize about an estimated 61 million people in the U.S. alone, Gen Z’ers are widely thought to be:
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