This is the first in a three-part article on the Generation Z and its future impact on companies.  Called ‘true digital natives’, Gen Z’ers are the under-21 age group. Moreover, they are the first generation raised in a totally digital world.

Full-life exposure to the internet, social networks, and mobile platforms produced a generation of true digital natives. Z’ers are at ease collecting and cross-referencing many sources of information and with integrating virtual and offline experiences.

Generation Z’ers have four core behavior traits

They…

• 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

Consequently, this value system is in vast contrast to the Y Generation (Millennials). They are often referred to as the ‘Me’ generation. Millennials, who were raised in an era of economic prosperity, focus on the ‘self’. They 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 important that businesses to attune themselves to address Gen Z’ers wants if they want to capture the Gen-Z dollar. Consumption as access vs. possession, consumption as an expression of individual identity, and consumption as a matter of ethical concern — all work in tandem with the fast-changing technological advances. This all leads to a transformation of the consumer landscape.

Subsequently, businesses must rethink how they deliver value to the customer. They must reset their thoughts on scaling against personalization, and live up to their brand’s promises and ethics.

McKinsey & Company has performed 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.

4M Performance takes the fear out of the future…

We provide our members reliable insights that you can instantly implement for your business success. These include how-to’s, tips, and takeaways based upon the 4Ms of business acceleration: Management, Marketing, Money, Momentum. It’s the information you need to help boost your business to the next level.

Please let us know what other types of articles or resources will assist you in your business. We want you to survive and thrive through these uncertain times. We’re here for you!