Customers are customers. People want goods and services and go out and buy them. It was ever thus. Nothing changes. Right?
There’s a lot of research going on into the different behaviour patterns between successive generations, with particular focus on what is known as Generation Z – people born after 1995.
Gen Z are the future, and the people who every business will increasingly seek to sell to and influence. So here’s some facts about Gen Z……
Willing to spend time on researching purchases on- and offline to make price and product comparisons, but are more likely to buy online.
- Ethically aware. They expect commerce and industry, employers and retailers, to behave with corporate social responsibility.
- Credit savvy. They have seen their parents get into trouble with credit cards, and so guard their money carefully.
- Self-sufficient. The financial crisis means they understand the imperatives of hard work over workplace ‘rights’, and will apply themselves assiduously to earn, and get, what they want.
- A mix of ethnic groups from varied family structures, with different career and relationship aspirations from earlier generations, and
- Concerned more about climate change than war, violence and drugs.
Principal research source: Fitch global retail and brand consultancy.