GenZ: Highly evolved and empowered, with major spending and social power
Forward focused, evolved and empowered, Generation Z is studying and entering the workforce. They also hold 55% of the spending power, valued at over R100 billion, so they need to be taken seriously. JANE LYNE-KRITZINGER defines what marketers need to know about GenZ in 2022.
Following closely in the Millennials footsteps, Gen Zs (currently under 22 years of age) are without doubt a formidable generation and are expected to make immense impact on the world at large.
Aside from making up close to 25 million people with immense spending power and influence, this powerful generation displays certain key characteristics one must consider when marketing to them.
With shortened and more intense concentration spans, these multi-tasking and filtering gurus will pass your brand in a flash if you are not relevant. They expect fast and efficient service and to be treated liked individuals. Equally they require transparency and crazy convenience. Not just digitally but across all touch points.
A generation wanting to live life to the fullest. They want to explore all aspects of life – tastes, places, people, experiences, education paths, careers. They push away from the endless same routines and mass market offerings. They want to follow individual passions and make a difference. They are each following their own unique journey of discovery. As creative activists they view the world through a different lens and expect services to evolve and grow with the times.
93% of Gen Zs say family is the most important thing in their lives. Family represents realness, trust, consistency and is supportive. Family offers solid foundation when life is fast-paced, stressful and uncertain. They know the value of an engaged community and the power behind crowd opinion, reviews, and sourcing. A successful brand needs to be supportive, real, transparent and treat them like individuals with value.
Gen Zs are highly evolved and empowered consumers, who are resourceful and expect tailor-made solutions. They will cross reference their options, check in on peer reviews and make informed decisions. They are forward focused, agile, welcome change and believe they are the difference. It is crucial brands adapt to meet their needs and become a ‘partner in their progress’ and don’t get sidelined or become obsolete.
EXPLORING GENERATIONS: Generation Z
- Up to 22/23 years
- Similar traits to Millennials, but more pronounced
- Expected to be more impactful than Millennials
- Most still growing up and shaping their identities
- Geared for change
- Digital intuitives
- Ethically and culturally diverse
- Highly cause-concerned
- Highly self-educated
- Highly entrepreneurial
- Highly creative
- Heightened exposure and expectation
SIZE & IMPORTANCE: We are many… and important
- 29 million 15-34’s in SA
- Two thirds live in urban areas
- Hold 55% of spending power (over R100 billion per annum), which is more than previous generation consumers had at the same age
FUTURE WORLD OF WORK: Education
Research identifies that 35%, or 5.7 million jobs in South Africa are at risk of total automation
- YDx research shows that young people have embraced the power of technology
- The majority of youth are positive about how technology will change the future world of work
- 44% of youth are positive about the impacts of technology on the way people will work by 2030
- Only 17% of young people believe that their job/occupation will be taken over by robots/AI in the future
- South Africa needs to act quickly to address the skills deficit in order to take advantage of the potential that the fourth industrial revolution offers
- This means acquiring more human skills such as analytical skills, social and emotional intelligence and problem solving
- This can be further enhanced if people embrace digital technology to become more knowledgeable, connected and effective
Jane Lyne-Kritzinger is the MD and Founder of YDx, a leading boutique consultancy on Gen Z, Millennials and family. She has 30 years’ experience, and worked on a host of blue-chip companies, academic institutions and NGO’s across industries and markets. She is passionate about making a difference to SA’s younger generations.
#ydx #genz #importanceofgenz #marketingtogenz
It is crucial brands adapt to meet their needs and become a ‘partner in their progress’ and don’t get sidelined or become obsolete
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