Are you ready for Generation Z?
Through a special arrangement, presented here for discussion is a summary of an article from Convenience Store Decisions magazine.
Having grown up with social media and assuming instant access to almost all things digital, Gen Z want it all, and they want it now, according to a study from Fung Global Retail & Technology.
“The new technology products and services have broadened consumers’ range of choice and quickened the pace of life,” Deborah Weinswig, managing director of the think tank, observed.
Born in 2001 and later (with many yet to be born), the generation is typified by three dominant characteristics related to its relationship with tech:
- The importance of self-image, with their vanity influenced by social media, dating apps and video chat;
- The demand for experiences, and a change in consumption habits shaped by booking and delivery apps as well as social media;
- The demand for immediacy propelled by Amazon Prime Now, among other delivery apps.
Social media and selfies have spurred Gen Zers to be more concerned with personal appearance than any other previous generations, boosting sales of cosmetics, skincare and hair products among boys and girls, the report noted. New brands are even emerging from social media stars such as Kylie Jenner from the U.S. and British blogger Zoella.
This generation’s habit of documenting interesting and fun experiences on social media means they are spending more on events, dining out and travel.
The only generation to grow up with the on-demand economy, Gen Zers likely will continue to be highly demanding consumers, whether they are requesting instant access to video, ride-hailing apps or delivery services.
“Exposure to near-infinite choice and access to near-endless information makes this generation more demanding than any of its predecessors,” Ms. Weinswig said. “As Gen Z matures, it will become more discerning, but its demanding nature is unlikely to be diluted.”
- Are You Ready for Generation Z? – Convenience Store Decisions
- Gen Z to be Most Image-Conscious, Demanding Consumers in History, Says New Fung Global Retail & Technology Report – Fung Global Retail & Technology/PRWeb
DISCUSSION QUESTIONS: In what ways will Gen Z be different from Millennials? How must brands and retailers respond? What are the biggest unknowns around this generation?