Gen Z vs. Millennials
Over the summer, we completed reports on Millennials, Gen X and Baby Boomers. Now, we are back to discuss Gen Z and tweens. We thought it would first be helpful to outline some of the major differences between Gen Z and its close relative, Millennials.
According to Knoema research, Gen Z is among the largest generations in the country at 73.61M – falling almost directly behind Millennials at 79.4M. To understand Gen Z, you must first be familiar with Millennials. Here is a quick recap:
· Millennials are expected to grow to 81M over the next 20 years
· Majority has less than $1K in their savings accounts; spend more on comforts and conveniences such as taxis, coffees and dining out
Gen Zers have been called “Millennials on steroids” by Business Insider. Born between 1998 and 2016, the oldest members are 19 years old and the youngest are tweens (9-14 year olds). This generation is responsible for approximately $200B in sales.
A common misconception: These two generations are the closest in age, so they are almost identical. In reality, there are stark differences. Here are seven identifiable differences from Inc.com that will help shape your 2018 marketing strategies:
1. Realistic vs. Optimistic
· 77% of Gen Z plan to work more diligently than other generations
2. Independent vs. Collaborative
· Gen Zers value ownership
3. Digital Natives vs. Digital Pioneers
· 40% of Gen Z reported that working Wi-Fi was more important to them than working bathrooms
· Millennials were frontrunners in the digital age; they experienced the introduction and rise of social media, smartphones and mobile activities (shopping, gaming, etc.); Gen Z was born into this way of life
· Gen Z is obsessed with connectivity, on-demand video and 24/7 news cycles
4. Private vs. Public
· Gen Z gravitates towards Snapchat and YouTube vs. Twitter and Facebook
5. Face-to-Face vs. Digital Only
· Gen Z values more face-to-face contact
6. On-Demand Learning vs. Formal Education
· Gen Zers value learning opportunities, i.e. avid YouTube users (predominantly tutorials)
7. Global Citizen vs. Global Spectator
· Millennials were considered to be the first global generation, but Gen Z connects with global peers at a higher level than generations’ past.
Next week, we will focus on tweens. They are extremely influential in the marketplace today due to their spending power. Stay tuned for part two on tweens and how to market to these individuals.