For corporate marketing, a deep understanding of Generation Z and
Millennials
is an issue that must be addressed immediately.
The characteristics and purchasing behavior of each customer are attracting attention from many companies, and are becoming important “customer information” for future business growth.
We will analyze the characteristics and generational differences of Generation Z and Millennials, who simply do not respond to campaigns created by traditional marketing methods, as well as the information necessary to effectively approach each generation.
Comparing Millennials and Generation Z
Millennials (born between 1980 and 1995) and Generation Z (born between 1996 and 2015) were born with the rise of digital technology and are characterized by a high affinity for the Internet and social media. Generation Z, in particular, grew up in a society where online communication has become commonplace, and it is said that one-quarter of the world’s population belongs to this generation.
Because each generation has vastly different relationships with brands, ways of thinking about money, and purchasing behavior, it has become commonplace in marketing activities in recent years to develop measures for each generation.
For example, when comparing the two generations, Millennials are more likely to expect a good customer experience, with over 70% of consumers saying they would pay more for a good customer experience. .
Gen Z has low trust in companies
A characteristic of Generation Z is that they have less trust in companies than Millennials.
However, it is also worth noting that in the latest customer experience survey, about 60% of Gen Z respondents said they can trust organizations and companies that fulfill social responsibilities, while the number was lower among Millennials. . It is possible for both generations to increase their trust depending on the company’s actions.
How to understand innovation
While 80% of Millennials support the introduction of new products that align with “customer values,” Gen Z is about 10% lower, showing a significant difference.
Generation Z can be considered to be “used to innovation” and “take innovation for granted.”
For example, Millennials are a generation that has traditionally watched videos on rental DVDs, while Generation Z has been a generation that has watched streaming videos on their smartphones. It can be said that this is a generation that is looking forward to the growth of revolutionary technology that has never been seen before.
How Gen Z and Millennials shop
Research shows that Gen Z prefers to shop in-store, while Millennials prefer to shop online.
When millennials want to buy a product or service, they immediately use their smartphones to find what they need and shop online.
On the other hand, Gen Z wants to check out products in actual stores to assess quality.
It seems that people tend to prefer visiting physical stores and shopping in order to have a valuable and interesting experience, such as learning about beauty at a cosmetics store they are interested in or attending an athletic class.
Reference source:
Millennials vs. Gen Z. What are their differences and characteristics?
summary
Generation Z has grown up in a society where technology has permeated everyday life, so they tend to take innovation for granted. It is important for companies to take an approach that emphasizes the high quality of their products and services and provides customers with a high-value, real-life experience.
Millennials are likely to identify with products that have spread through word of mouth on social networking sites. The key will be to carry out thorough marketing on social media and send out useful messages.