In a recent blog I highlighted some of the major differences between Millennials and Generation Z. I get a lot of questions on how to understand the profile and values of Gen Z, and for brands and retailers it’s certainly necessary to understand this important next generation.
When asked to describe themselves, the most used word by Gen Z is “unique.” Gen Z wants to buy unique products, from unique brands, that are sold at unique retailers. They have also expressed that they’re willing to pay more for such unique products. Taking it a step further, they also want products that are tailored “just for me.”
Gen Z also seeks meaning in their work, relationships, products, and brands. They value relationships above all else. This makes them both tolerant and respectful. Gen Z also appears to have more “old school” work ethics, and I expect they will be hardworking, determined, dependable, and independent.
Gen Z believes that the community, if it comes together, can solve all problems. “Life hacks” (meaning a trick, skill, or shortcut that increases efficiency and productivity or solves problems) are revered. This makes Gen Z intensely collaborative.
As a generation that is out to change the world, Gen Z also wants brands to take visible stands on social issues. Human rights are the primary cause for Gen Z, and equality is non-negotiable. We can also expect more social change as this cohort gains the right to vote. With that, brands can no longer claim to be apolitical. If Gen Z does not agree with a brand’s values, they will take their business elsewhere.
For Gen Z, education is on-demand. They will learn things when they need to know them. We must learn new ways to teach them. In the Gen Z world, everything is “smart,” and all objects have behaviors.
Gen Z has moved from self to selfies. They have given up virtually all concerns for privacy, and they share everything. This makes them ripe for contextual marketing.
Brands and retailers must adapt to this new generation. In order to successfully serve Gen Z, brands and retailers must again adjust the way they market.
Because Gen Z wants a relationship with brands, they will seek out brands that share their values. Brands must earn their influence with Gen Z, and earn it every day.
SFIA Virtual Conference
Presenter: Matt Powell, Senior Industry Advisor – U.S. Sports
Presentation Title: Best Practices for Brands & Retail in the Current Environment
Date and Time: Thursday, September 24 at 12:05 p.m.
Description: Matt Powell hosts an interactive discussion on marketplace trends and what brands and retailers can do to win post-pandemic. Matt, a well-known and often quoted expert in the sports industry, will be presenting the trends and forces shaping our industry, its response to COVID-19, and its future. Matt will assess the industry across various categories, discuss the forces impacting manufacturers, retailers and consumers, and provide his predictions for the coming year. Drawing upon NPD's sales tracking data, his 40+ years in the industry, and insights from what has been successful in other industries NPD tracks, Matt will focus on best practices and what manufacturers and retailers can do to thrive in today’s rapidly changing marketplace.