“Price matters to the practical, passionate, and poorer generation just starting to graduate from college loaded with debt.” This is how Bloomberg Businessweek describes GenZers, born between the mid-1990s and later.
Here’s the challenge: According to Bloomberg, GenZers felt the impact of the Great Recession. “After seeing their parents walloped by the 2008 financial crisis, they’re attracted to thrift stores, sustainable brands, and saving for a rainy day—even when they have steady jobs and rising wages.”
For those in marketing and sales, this picture is far different from that of Millennials, who preceded Gen Z. Be prepared to answer the following questions if you want to capture Gen Z business:
• Are your core values transparent and do they align with those of this cohort?
• Is your social media relevant and current?
• Are you using appropriate humor?
• Are you cultivating long-term relationships through content with appropriate storytelling?
• Do you know their personal preferences so you can treat them as individuals?
• Are you ditching the product price and feature approach and appealing to emotions and value?
Takeaway: It’s time to take GenZers seriously. As Bloomberg points out, they will “comprise 40 percent of consumers by next year.”
