As the Millennials we always hear so much about are getting into their 30s, the next generation is coming up behind them:
Today's high school kids and college students are basically Gen Z, or at least on the cusp between the two generations.
And as is usually the case, they're not identical with their Millennial predecessors, just as Millennials are different from Gen X.
Unlike Millennials, Gen X has yet to get tons of coverage and discussion in the media.
They haven't quite entered the cultural consciousness the way Millennials have.
Boomers, Gen Xers, and even Millennials are just beginning to understand this new generation.
So what are their values? What do they like? How do you market products to them?
In a recent blog post, Niche Hunt offers some advice about how Gen Z differs from Millennials, and how those differences impact the most effective ways to reach them.
Gen Z consumers are less price conscious than Millennials and more willing to buy luxury brands
Echoing the finding from above, Gen Z shoppers highly value quality products and are willing to spend the extra cash in return for better quality.
Unlike millennials, Gen Z is more and more frequently ditching discount stores like Ross, Rainbow, and Burlington for more traditional, luxury brands and upscale retailers like Vans, The North Face, and Ugg; according to a report from InMarket.
And Gen Z consumers are less likely than both millennials and baby boomers to compare prices while shopping, according to Euclid Analytics.
Meaningful engagement is the best way to reach Gen Zers
Gone are the days of traditional, straightforward product marketing.
Now, brands are having to lead a full-fledged marketing campaign that not only advertises its product but inspires and draws the ever skeptical newer generations in.
For Gen Z, this is especially true.
Gen Z shoppers look for relevance and authenticity rather than a manufactured image. If they don’t get that, then their brand loyalty will go elsewhere.
Influencer advertising on Instagram and Youtube is a great way of achieving this — if the influencer is trusted and transparent, that is.
Gen Z are more likely to participate in loyalty programs and product reviews
Although not as high as Millennials (71%), most Gen Z consumers (63%) participate in at least one loyalty program and the majority of both (64%) “could be persuaded to shop with a brand if they have a loyalty program,” according to firm CrowdTwist.
In particular, Gen Z-ers prefer to play games and write product reviews to gain loyalty points.
Gen Z consumers seek a personalized shopping experience
One thing that both millennials and Gen Z share in common — 75 percent, according to CrowdTwist — are their willingness to give over personal information to companies if it means a more personalized shopping experience.
Even more, Gen Z-ers expect brands to know and appreciate them just as much as they know and appreciate the brand.
You can read more about marketing to Generation Z over at Niche Hunt.