Move over Millennials, there’s already a newer generation businesses are interested in, and it’s called “Gen Z”. If you were not familiar with this new generation label, no one would blame you. Generation Z is currently under construction, with a vague birth range that starts in the mid-90’s to present day. This generation is the most tech savvy ever, period. They were born with cell phones, video games, non-dialup internet, and all the other tech perks you weren’t lucky enough to have when you were young. This infographic provides some basics on Gen Z.
The above introductory comments are edited excerpts from an infographic* by Sukhdip Basra (VisualCapitalist.com) entitled Generation Z: Marketing’s Next Big Audience.
It’s not all fun and tech games for Gen Z, however. As the first wave of Gen Z is set to graduate college within the next few years, they will be entering a competitive realm with fewer opportunities. The previous generation of Millennials still find themselves underemployed and competing for the same entry-level positions. Couple that with the ever-rising cost of living and housing, there is a bleak outlook for these youngsters.
Although Gen Z’s purchasing power has not come to fruition yet, it is important for businesses to connect with them early on and maintain that connection as their incomes grow. Youth today want to connect and trust those that they buy from and do business with. Relationships are paramount for business, and Gen Z is no exception.
Businesses will need to communicate with Gen Z differently than other groups. Investors should watch for macro trends in Gen Z demographics and psychographics to see what opportunities are worth taking advantage of. Here are some basics on Gen Z:
Editor’s Note: The author’s views and conclusions in the above infographic are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
*http://www.visualcapitalist.com/generation-z-marketings-next-big-audience/ (Copyright © 2014 Visual Capitalist | All rights reserved.)
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