The largest generation with $44 billion economic spending power, Generation Z is here. Is your brand ready for this new cluster that is completely different from our generations?
Do You Know Who Your Target Audience is?
Identifying and understand who your target audience is crucially important when it comes to creating a brand. Can you visualize who your audience is, what they look like, what they are wearing, where they are coming from, how old they are? Is your audience primarily Baby Boomers or Generation X? From the Silent Generation to Generation Z, each generation has different characteristics and behavior tendencies.
It is hard to believe the generational economic shift has already happened: The most influential buying power of the Baby Boomers (54-72 years old, 76M people) is taming down due to the 11% of Baby Boomers moving into seniors category, the gigantic generation combo, Generation X and Millennials (177 million people) is taking over the front seat. The Millennials is split into two groups; Y1 (24-28 years old) and Y2 (28-38 years old). Y2 who are mostly raised by Baby Boomers have similar spending behavior tendencies as their parents' generation; instead, Y1, the younger Millennials who are mostly offsprings of Generation X, seem to carry the true characteristics of what we know about Millennials, and their behavior patterns are very different from Baby Boomers or Generation X. Then, there is the mysterious, newly developing 5D Generation Z (3-23 years old, 26% of the population, the largest percentage in US population, contributes $44 billion to the American economy by George Beall, Huff Post). According to KASASA, an online community financial report site, indicating that 72% of the current high school students address that they want to start their own business , 55% of them are most likely to become entrepreneurs, value life experience more than money, smarter with money, predicted to be the most global fluent generation ever in history, and "the first generation to change the way we live and work completely," by Ryan Jenkins, the Next Generation speaker, on his Inc.com article. Jenkin adds, "The exponential change (with Generation Z) is coming faster than we think." Are you ready for the change? Is your brand Generation Z ready?
Generation Z (1995-2015, currently 3-23 years old)
Holds the largest generation percentage of population, 26%
Expected 55% of this population is most likely to become entrepreneurs, which will impact the structure of American economy
$44 billion worth in American economy
The entire generation is true digital natives
Values life experience over money
The smartest generation on finance
Bringing back the face-to-face communication
Most likely to change the current education system
Will definitely change the way we live and work
Think and live beyond 3D
Loyalty is important
Personalized rather than customized
Corporate responsibility will no longer a choice, they see the planet of earth as their home, the most valuable asset.
The concept of "other people" will disappear as they have the global unity mindset
Less religiously fixated but more spiritual explorers
If you're interested in learning more about how your marketing strategy can gears towards attracting the generation Z, please sign up for a free consultation to the link below.