We all know Millennials are a highly desirable target market, but how about the next generation of consumers? What kinds of trends, products, and strategies have marketers prepared for Gen-Z? Ignore the hype, and use this guide to learn about the hottest marketing trends that will drive the future of marketing. It’s a guide that’s equally valuable for a brand’s online or offline marketing strategy.
The Gen-Z Generation (born between 1995 – 2000) is the newest demographic to enter the consumer market. Although Gen-Zers are currently less than 20%, it is estimated that by 2020, they will make up 30% of the consumer market. Those who have embraced this new generation’s values have created a market worth roughly $300 Billion.
The Gen-Z consumer is a new consumer, and they can be a powerful force for brands. They may be the largest generation in the US yet, and they’re already driving an unprecedented amount of spending, and they’re not showing any signs of slowing down.
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Gen Zers, or those born between 1996 and 2012, currently account for 20% of the US population and spend $143 billion in direct expenditure. If you’re still focusing on millennials, it’s time to shift your emphasis to a new group of customers. Here are five strategies for attracting and retaining Generation Z consumers.
1. Learn about Gen Z culture.
Generation Z is a digital native, having grown up with cellphones and social media. They are also one of history’s most varied generations. This has an effect on how people think and spend their money.
If you want to market to this special generation, you must first understand who they are and how they engage with companies in your field.
Here are some resources that may help your team learn more about Generation Z.
- Knit: Get immediate comments and ideas from Generation Z.
- The New York Times: Generation Z in Their Own Words
- #GenZ is a podcast about Generation Z, their stories, experiences, and viewpoints.
- Pew Research Center: Trends, demographics, and more for Generation Z.
2. Hire Gen Z-friendly social media managers or social media firms.
Consumers in Generation Z are smart shoppers who can detect fake advertising. It will be easier to strike the appropriate tone if you have Gen Z members on your marketing team (or in the companies you hire).
Look for Gen Z’ers who exemplify the finest of this generation by providing benefits that they value, such as:
- working hours that are flexible
- Possibilities for expansion
- incorporating them into initiatives that have a positive impact on the globe
3. Provide BNPL (Buy Now, Pay Later) payment options.
One thing that Gen Z consumers appreciate above all else is freedom. This is why BNPL alternatives, such as PayPal’s corporate BNPL, are critical for recruiting Gen Z customers. They are unlikely to have the financial means to make bigger purchases as younger employees. By 2025, Gen Z is projected to account for 47.4 percent of BNPL users:
Gen Z now has more options thanks to BNPL (and little to no interest rates.) This flexibility is essential since a large portion of the population lives paycheck to paycheck.
4. Take a Public Position on Social Issues
Gen Z is politically informed and engaged, and they place a premium on companies that share their beliefs and values. Look for causes that are organically related to your business and take a stance on them.
Avoid involving your brand with societal problems that you are unfamiliar with, or you risk alienating this generation. Instead, discover methods to make your business more ecologically and socially aware by sponsoring or promoting issues that you care about.
5. Take Steps to Ensure Your Brand Is Reliable and Genuine
Trust is important to Generation Z consumers. They are less likely to react to direct advertising (ad blockers are often used) and more likely to respond to transparent companies.
Here’s how to make things more transparent:
- Show how you use/collect data for advertisements, including how long you keep it and if you share it.
- Don’t attempt to fool Gen Z consumers with fake advertisements and marketing efforts.
- Make sure your contact information is visible on your website and social media profiles.
- If you’re going to utilize influencer marketing, go with smaller, more trustworthy influencers.
Gen Zers’ willingness to utilize certain payment systems is influenced by their level of trust, therefore PayPal has a significant competitive edge. In fact, 53% of customers aged 18 to 39 said they have confidence in PayPal to keep their financial information safe.
Gen Z already has a significant effect on consumer purchasing. Their purchasing power will continue to rise in the coming years. Executives must push their brands to understand how Gen Z thinks and encourage them to join a movement, not simply sell another product, to market to this generation.
Use PayPal’s BNPL to establish trust and provide Gen Z the financial freedom they want. More information may be found here.
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To better understand the demographic group of Generation Z, it’s important to first look at the characteristics of each generation that comes prior, the Silent Generation. The Silent Generation was born between 1925-1945. During that time, they weren’t exposed to many of the advances that the earlier generation, the Baby Boomers, had seen. Instead, their childhoods consisted of WWII, the Korean War, and 13 years of the Cold War. Due to the many wars, the Silent Generation was often separated from family members, especially during childhood.. Read more about gen z statistics social media and let us know what you think.
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