Skip to main content

Forget about the Millennials, Get ready for the Gen Z

It was like yesterday when we just discussed the expectations of Millennials and what can be done in responding to their needs. Today’s update is about Gen Z, also known as “post-Millennials” or “iGen,” the generation that will soon surpass the Millennials in 2019.


Who are the Gen Zers?

Some define Gen Z as those who were born after 1996 (age 21 or younger as of 2018) while others consider Gen Z are those who were born after 2000 (17 or younger as of 2018). Using the cutoff line of 2000/2001, Gen Zers will comprise 32 percent of the world population, but the Millennials only account for 31.5 percent. Gen Zers deserve our attention because:

·      They are very influential. Over 70 percent have the power to influence their family spending.
·      Many Gen Zers are eligible to vote and enter university soon.
·      Due to the impacts from the Great Recession (when they grew up), they are not as optimistic about economic opportunities and student debts.
·      Compared to the Millennials, they are less likely to take risks.
·      They are also less likely to have sex or drink.
·      They prioritize wealth and material goods, things representing extrinsic values over intrinsic values, such as relationships and community feeling.
·      They “naturally” want to create their own solutions when facing an issue but the Millennials look to others for answers, including the companies they do business with.

What business is at risk because of Gen Z?

According to a prediction by Bloomberg, the list includes:  

·      Shopping malls: Not only Gen Zers have never lived in a non-digital life, 93 percent prefer to shop without the help of a salesperson. On top of that, clothing expenses in the U.S. household spending dropped from 6.2 percent in 1977 to today’s 3.1 percent.
·      Print magazines: while more people across generations are getting used to reading news and finding information online, teens who grew up in the digital age rely even less on printed materials.
·      Football: Participation in high school football dropped about 3.5 percent from the 2011-12 to the 2016-17 season. Besides new legislation to bar tackle program before high school, close to 150 boy’s high school tackle-football programs has stopped running in the last five years.
·      Cash: American teens only use cash for six percent of their transactions. Payment apps, such as Google Pay and Apple Wallet, are experiencing continuous growth.

What opportunities are there for hotels and restaurant retails?

Risks are often associated with opportunities. I see the following opportunities:

·      Gen Zers are more likely to accept automatic service or services provided by machines as they tend to find solutions on their own and rely less on a salesperson.
·      Since they are more likely to use mobile devices as a means of payments and for delivery service, innovative entrepreneurs may be able to cut labor costs with high-tech devices or by forming new partnerships with services like Uber Eats.
·      The renovation circles for restaurants or hotels may need to be shortened, but changes provide opportunities for businesses to embrace the new trends, with new designs to better utilize the space.  
·      It could be cheaper to communicate the marketing messages with target customers using digital marketing instead of through printed materials.  

Are you ready for Gen Zers? What business opportunities do you see when Gen Zers are taking over the Millennials?  

Note: This discussion is also published on MultiBriefs.com. The picture was downloaded from Kellyalovell.com

Comments

Popular posts from this blog

Social media engagement is immune to COVID-19 (by Steven Valenzuela)

In the unparalleled world of COVID-19, individuals are flooded with choices: whether it be what to eat or what church service to watch. While there are marketing strategies to get consumers to purchase products to immediately increase sales, it may be a more beneficial to engage with low spending consumers in the short term, so that businesses can keep them for the long term.   Social media game strong   During this time, it is crucial to keep social media posts constant and consistently more than ever before. A recent podcast by eMarketer reports that social media outlets such as Facebook have seen a significant rise in usage. The reality is that individuals have more time on their hands, which is why it is important for businesses to utilize their free time to create content for their social media channels. In a recent interview with the hospitality net, Leland Pillsbury stated  “Customers are going to come back...And if you allow your competitors to reengage with the guests before

The repositioning of Ten Ren’s Tea Time (by Eddie Long)

Ten Ren’s Tea was founded in 1953 and now operates one hundred retail stores globally, providing the finest teas to their loyal customers worldwide. Ten Ren’s combines modern technology and traditional methods when processing tea leaves to provide customers with the highest quality tea that aids in improving the quality of life and health for their customers. Ten Ren’s Tea Time, the restaurant, has a total of nine locations in the Southern California area. New Image: Ten Ren’s Tea Time recently changed its logo, as shown below. We can say that the marketing team wanted a change of the company’s logo to regain customer’s attention and regain their sales.  Just like they changed their logo, they also updated the website to fit the new theme. Their website appears more modernized than their previous design s, which can attract potential customers and returning customers. The company wanted to show its target market that they know what customers want and can accommodate any customer’s

Do you know where your prospects hang out during the #DeleteFacebook movement?

Facebook used to the cool place where everybody hangs out. Not long ago, Facebook was ranked the most visited website in the world , and the website where Americans spent the most time. Facebook page then became the most popular social media platform for business-to-consumer communications among various types of organizations. In recent years, however, Facebook faced several backlashes toward the platform’s data privacy practices and its CEO. Facebook is experiencing some challenges of maintaining its popularity among internet users, some of whom even call for a #DeleteFacebook movement . I myself, also notice a shift in my teenaged students’ interest in Facebook, even before the #DeleteFacebook backlash. So, if Facebook is no longer the cool place where everybody hangs out, which social media platforms can we use to communicate with our prospective consumers? The most popular social media platforms among U.S. teens According to a 2018 Pew Research Center report