Full-life exposure to the internet, social networks, and mobile platforms produced a generation that is at ease collecting and cross-referencing many sources of information and with integrating virtual and offline experiences.
Gen Z'ers, it seems, have four core behavior traits:
- value of individual expression and avoidance of labels
- mobilize themselves for a variety of causes
- believe in the value of dialog and verbal interaction to solve conflicts and improve the world
- make decisions in a highly analytical and pragmatic way
This value system is in vast contrast to the Y Generation (Millennial) which are often referred to as the 'Me' generation - that were raised in an era of economic prosperity and focus on the 'self'. Y'ers are more idealistic, more confrontational, and less willing to accept diverse points of view than Z'ers.
Given this very significant 'values-shift', it is incumbent upon all businesses to attune themselves to address Gen Z'ers wants. Consumption as access vs. possession, consumption as an expression of individual identity, and consumption as a matter of ethical concern - all working in tandem with fast-changing technological advances and all leading to a transformation of the consumer landscape.
Businesses must now rethink how they deliver value to the customer (see prior posts on the importance of the CX), reset their thoughts on scaling against personalization, and live-up to their brand's promise and ethics.
McKinsey & Company has preformed extensive research on the comparison of generational values and emotional purchasing behaviors, I will be using some of this research in part two of this series on Gen Z.
Best
Jim Lavorato, Principal
Fund-House Ventures, LLC
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