Understanding how Millennials and Gen Z view the world.
If you’re not already, you should be (or will be soon) working with and selling to Millennials and Generation Z. Millennials are already the largest generation currently in the US labor force according to Pew Research Center. And Bloomberg estimates Gen Z to currently have $360 billion in disposable income. It’s time to pay attention to what drives the next generations.
1. Check Your Values
For years, Millennials have focused on Work / Life Balance so they can enjoy a healthier professional and personal life. Gen Z is more concentrated on promoting Equality and Diversity in the workplace and beyond. These ideals should be considered when it comes to running your business and your brand. Now, more than ever, younger people want to work for and buy from companies who stand for something and stick to their values.
2. Let’s Get Digital
Both Gen Z and Millennials are online, like a lot. Millennials pioneered the online world with AOL and Netscape. Gen Z can’t remember a world without Google. But both generations aren’t wasting hours upon hours surfing the net. These younger folks are more likely to Utilize Online Tools to optimize everything from work to studying to staying up to date with current affairs and online investments. This is also where they do almost all their research when it comes to Purchasing Decisions. This means your online presence needs to be up to date, easy to find, and the same across all digital and physical platforms.
3. Top Experiences
When it comes to interactions, oddly enough, Gen Z prefers Face to Face Communication while Millennials would rather Text or Email. Millennials want more Personalization while Gen Z is after more Customization. Millennials are willing to pay for a better Experience, and Gen Z is concerned with Quality, while both generations are Deal Seekers.
Finally, it can be tempting to conflate these two generations, and while they have many similarities, they are vastly different age groups. Most people say Millennials were born between 1980 and 1996 and Gen Z is anyone born from 1997 to 2015. That’s the difference between a 7-year-old and a 42-year-old. And who’s next? We’re calling the group after Gen Z: Generation Alpha.