Gen Z – The coveted generation of consumers. Are you familiar with who Gen Z is and how they go about their shopping? Let’s explore it with Tigomarketing.
Gen Z: Who Are They?
Generation Z, often simply referred to as Gen Z, constitutes a generation born approximately between the mid-1990s and 2012. In addition to the name Gen Z, this cohort of young adults is known by a multitude of other monikers, including Gen Tech, Plurals, Zoomers, Net Gen, the Internet Generation, Generation Z, iGeneration, iGen, Gen Wii, Digital Natives, Neo-Digital Natives, Founders, Homeland Generation, Post-Millennials, and even late Millennials.
Nevertheless, there remains a debate about whether Gen Z encompasses those born from 1997 to 2015.
Globally, Gen Z boasts an impressive population of approximately 2.6 billion individuals, constituting a staggering one-third of the world’s inhabitants. In Vietnam, Gen Z accounts for approximately 15 million people, making up a substantial 25% of the nation’s workforce.
Gen Z follows in the footsteps of the Millennial generation (Gen Y) and paves the way for the Alpha generation (α). They often hail from parents belonging to the Gen X generation (born between 1965 and 1979). The majority of Gen Z members have grown up in a world where technology is an integral part of daily life.
This innate familiarity with technology equips them with a remarkable proficiency in embracing mobile devices, the internet, and various social media platforms such as Facebook, Google, YouTube, and Instagram.
Members of Gen Z are skilled at accessing and utilizing information with remarkable ease, eliminating the need for advanced digital expertise. In contrast to their Millennial predecessors, a significant portion of Gen Z is naturally tech-savvy and may possess a high level of technical acumen.
Gen Z, or Generation Z, emerged during an era characterized by rapid internet expansion and the widespread availability of digital technology. They are often heralded as the pioneers of the digital age, equipped with a deep understanding of financial matters, economics, and the potential to steer change and advancement in our ever-evolving world.
Understanding Gen Z’s Online Shopping Behavior Today
Gen Z: The Shifting Landscape of Consumer Behavior
Gen Z is on the verge of constituting nearly 30% of the consumer population, and this generation presents a unique set of challenges for marketers in terms of engagement, interaction, and capturing their hearts.
Increased Spending by Gen Z
Studies have shown that the primary motivation for Gen Z when shopping is not necessarily the utility and benefits of a product, but rather self-expression and shaping their social lifestyle. They prioritize short-term gratification as their primary goal.
Readiness to Explore New Products and Minimal Brand Loyalty
Gen Z, being adventurous and curious, is seen as a generation with lower brand loyalty. They are inclined to change products and explore new features more frequently. This poses a challenge for businesses, as they must stay on top of trends, continuously update their offerings, and diversify their product portfolios to adapt to changing consumer preferences. Companies must listen to and understand this customer segment.
Preference for Buy Now, Pay Later
Statistics indicate that an increasing number of businesses are embracing “buy now, pay later” models, aligning with Gen Z’s tendency to prefer purchasing products this way. Gen Z’s attraction to new and trendy products, fear of missing out, and desire to stay up-to-date with the latest trends contribute to this behavior.
To address this, businesses should align their product offerings with current trends, satisfying Gen Z’s needs without always considering their immediate financial capacity.
Rising E-Commerce Trends
In an age of digital transformation, businesses are transitioning towards digital platforms to adapt to market trends. Consumers, including Gen Z, are increasingly favoring online shopping, with a growing reluctance to venture out.
This shift presents a significant challenge for businesses as they must adapt to Gen Z’s digital shopping preferences. The online shopping experience is crucial, and companies must invest in user-friendly websites and product experiences.
Gen Z’s susceptibility to External Influences
Gen Z is easily influenced by external factors that impact their shopping behavior. With widespread access to information, they can be swayed by celebrities, influencers, and product reviewers. They heavily rely on online reviews and comments before making purchasing decisions.
Businesses can leverage these influences by incorporating authentic, relatable marketing messages and connecting with their audience on social media platforms.
Building a Brand to Appeal to Gen Z
To successfully convince Gen Z to buy your products, traditional advertising may not suffice. Creating trending content, staying updated with current trends, and clearly articulating why your product meets their needs are crucial.
Focus on Mobile Devices
Gen Z spends a significant amount of time on mobile devices. They use them to watch videos, access social media, and shop online. Therefore, ensuring your website is mobile-friendly is essential for capturing their attention.
Email and Social Media Engagement
For Gen Z, email can serve as a platform for business advertising and updates. However, they prefer valuable content in their inbox, not constant spam. Social media is an ideal place to share behind-the-scenes content and daily updates.
Creating Engaging Videos
Video content is highly effective in capturing Gen Z’s attention. Platforms like YouTube, Instagram Stories, and TikTok are particularly popular among this demographic. Marketers must pay attention to TikTok as it gains prominence among Gen Z.
Connecting and Interacting
Gen Z internet users tend to be independent and have a unique voice. Allowing them to share thoughts on your platforms, actively participating in discussions, and responding to comments are ways to build authentic relationships with this generation.
In conclusion, Gen Z, with its unique characteristics and preferences, is reshaping the consumer landscape. As this generation continues to gain prominence, businesses must adapt to their ever-evolving behaviors and expectations. To succeed in capturing the attention and loyalty of Gen Z, companies must prioritize digital experiences, engage authentically, and stay attuned to the trends that matter most to this dynamic and influential demographic. The future of marketing undoubtedly lies in understanding and effectively engaging with Gen Z, the generation that is defining the new era of consumer behavior.
