Gen Z to Outnumber Millennials
Five things you need to know about us now.
According to Bloomberg, “Gen Z will comprise 32% of the global population of 7.7 billion in 2019, nudging ahead of millennials, who will account for 31.5%”making us one of the world’s largest generations. We are a powerful force and are quickly taking over the world.
Sadly, most brands are still trying to figure out how to effectively target millennials and ignoring their younger siblings, who will represent one of the largest untapped markets globally. In order to target us, you need to understand us.
So, who is Gen Z and what are we all about?
Like any other generation, we are defined by when we were born between 1996-2012 and this has uniquely shaped who we are. 1996 represented a year when “big shifts in … behaviour and attitudes”occurred as studied by Jean Twenge, a psychology professor at San Diego State University. This prompted a new generation to be born.
Here are the top five things you need to know about Gen Z:
1. Digital Natives– We are the first digital native generation, who have only known a world of smart phones, high-speed internet, and social media networks. Digital is in our DNA with many of us receiving our first phones when we were just in elementary school. We are not mobile first, we are mobile-only.
2. Safety Conscious– Sadly, all of us can only remember a Post 9-11 world where there is terrorism and war. A society where we practice lock-downs in our schools and never feel completely safe. This has made us always be on alert and cautious about personal and online safety.
3. Financially Responsible- Having lived through the 2008 Global Financial Crisis and saw it wreak havoc on our parent’s savings and future. As a result, we spend our money wisely, are resourceful, and have embraced a DIY culture. Our desire for financial independence has also made us more entrepreneurial and focused on our own futures.
4. Open Minded– Whether its gender fluidity, sexuality, or diversity, we are more accepting of a larger spectrum of a person’s ethnicity and identity than other generations. Our unlimited access to online media has allowed us to learn more about the world and have gained a global perspective. We value authenticity and transparency in our society.
5. Social Justice– We are defenders of our rights and freedoms and the spirit of activism runs through us. Given the power of social media, we can incite a movement in seconds and generate mass awareness of our beliefs with just one social post.
Interested in learning more about Gen Z and how your brand can better understand this fast-emerging market contact THINK GEN Z. Our network of Canadian Gen Z’eders can provide authentic insights about what is important to them. Contact us today and let us share our thinking.