Gen Z and Millennials will soon make up the majority of the workforce. Organizations are quick to categorize and understand upcoming generations, but these stereotypical images can often be at the detriment to our brands. Has your team got the right perception of how these consumers engage with brands? Take a look at some of the common misconceptions of Generation Z and Millennials.
Compared to previous generations, Gen Z are said to be less loyal to brands. Whilst true in some respects, they are more loyal than the generation before them. Polling from CivicScience shows – 22% of Gen Z are not loyal to their favorite brands, versus 23% of Millennials. Against expectations, Gen Z distancing themselves from their older counterparts placing a higher importance on convenience and service than all previous generations.
Being Global, Local
Millennials are likely to be considered cosmopolitan by 12% more than the average internet user. This generation wants to have a connection to a range of different cultures, something that has been passed on to their younger counterparts. Millennials were at the forefront of a major shift in behavior from previous generations as they seek more variety and experiences in their lives. This should be considered in marketing messages: 75% of Millennials say it is important to stay in touch with what is going on in the world. In addition, 1 in 2 will regularly try food from other countries as a way of being “in touch”. Furthermore, they are 23% more likely than an average consumer to go on medium to long-haul vacation abroad – 22% try to have a trip at least once every six months.
Privacy is paramount
31% of Millennials are likely to have an ad-blocker on at least one of their many devices. They are concerned about their privacy: 1 in 2 say that there are now too many ads on the internet, and this is the reason for installing the ad-blockers. 46% want to avoid ads that are perceived as annoying and irrelevant to themselves and 44% believe some ads to be intrusive, breaching their personal space. Moreover, 23% do not want personalized ads based on their browsing history as they feel they are being monitored constantly.
Better value, no matter the cost
Most of Gen Z haven’t hit a full-time working age yet. That could lead some to think they would be looking to the cheaper options for fashion, food and beverage, hospitality or mobile technology, regardless of the quality they receive. But this is a misconception we have seen too many times. Gen Z aren’t looking for the lowest price, they are looking for a better “Value for Money” alternative for the money they spend. The factors they look for include durability, uniqueness, product transparency and social consciousness. A study from IBM shows 66% of Gen Z place a premium on the quality of a product over its affordability. Compared to Millennials as well, Generation Z are willing to spend more on mid-range to luxury brands, provided that there is clear difference in product quality.
Lazy, entitled, tech zombies – Not
Millennials took a hit from Boomers and Gen X. They were branded as lazy, entitled, having poor work ethic, and thin-skinned. Naturally, this stigma was put forward to Gen Z as they entered schooling and employment. But we’ve seen the other side. It is reported that the current working population of Gen Z had a multitude of internships whilst they were completing their higher studies. Robert Half Research also found that nearly 77% of the Gen Z population “believe they will need to work harder compared to those in past generations to have a satisfying and fulfilling professional life.” This can be attributed to the events that they have gone though in their lives, notably the experience of the financial crisis and the effects it had on their families and the struggle for job security. We are seeing a more persistent and determined generation with goals in life. This ambition will drive a stronger and more efficient workforce in the coming years.
Here at Jade Kite, we like to give full picture insights. We want the companies we work with to know both sides of the story in order to make stronger and actionable strategic decisions. We pride ourselves on this and our transparency. We aim to show your organization what is best for your interests but to not disparage the information you may not want to hear. Get in touch to hear more about our methodologies.