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The Differences Between Millennials and Gen Z
Each generation comes with its unique quirks which marketers and business people ought to take note of. Each generation forms the audience with special needs which, in order to reach them, have to be addressed.
It means that well thought of strategy is required, appropriately crafted to reach them each of the generations.
Ideally, the way Millenials and Gen Z respond to marketing campaigns and offers are quite different. This article helps to look at those differences in detail, but first, the definition of terms.
Well, Millennial generation is folks who were born between 1980 and 1995. This means that the Millennial generation years range by 2020 will be 25-40 range.
On the other side, Gen Z also referred to as Generation Alpha, are those who were born between 1996 and 2015. Their age range by 2020 will be 5-24 years. The alpha generation is smart device consumer. They don’t know how life would go without devices, from business, school, industry, etc.
So How Are Millennials Different From Gen Z
While they may all look young, they exhibit different shopping habits, choice and preferences, and their view of money.
Gen Z possess higher expectations for innovativeness from brands
Only 71 of generation Alpha agrees that companies bring them innovative goods and services that address their needs as compared to 80% of Millenials. Arguably, we understand why Generation Z behaves like that: they have been born into an era of rapid innovation, and possibly they expect more of it.
It’s harder to win the trust of Gen Z than the millennial generation
71% of Millennial generation trust companies compared to 63% of Gen Z. Salesforce research reveals that 55% of millennials are comfortable with how companies use their personal information compared to 44% of Gen Z.
62% Gen Z confesses that those companies investing in social responsibility boost their trust a great deal, compared to 56% of millennials.
While millennials are idealistic, Gen Z is pragmatic
Millennials are known to be highly optimistic while gen Z is pragmatic. Millennials were raised in a period of economic prosperity, unlike Gen Z – generation after millennials, who faced economic pressure head-on, and which shaped them greatly.
For you to reach Gen Z effectively, come with a marketing strategy that focusses on long-term value and smart investments. Check the relationship guide for millennials.
Millennials focus on brands; Gen Z are independent
While millennials were growing up, brand names were the order of the day. When they are mature, they are willing to acquire high-end brand at all cost.
Generation Alpha, on the other hand, doesn’t want to fit into any one’s brand. They want their independence and the only marketing approach that wins them tries to facilitate their freedom instead of fixing them into some specific image.
While Gen Z is conscious about savings, millennials focus on the experience
Look at today’s teens. They do not only embrace smart and long term goals, but they also want to be part of it. They make savings a mandatory discipline, unlike the millennials. Generation Alpha values purchases that maximize every dollar, unlike millennials whose focus is on the shopping experience.
Having grown during economic turbulence, Gen Z’s, generation after millennials, seems to be more conservative in spending. They can’t stand the reality of running out of money, that’s why they are attracted by marketing campaigns that stress on high-quality investments, high-value deals, and bonuses.
Give Gen Z offers like free shipping and freebies and you will win them easily.
Millennials highly value customer experience more than Gen Z
Millennials value higher customer experience and are mostly willing to incur extra cost to enjoy it. 74% of millennials confess higher customer satisfaction as compared to 62% of Alpha Generation. 75% of millennials confess that they would pay more just to get higher customer experience as compared to 69% of Generation after millennials.
Millennials are authentic, Gen Z take authenticity higher
Millennials are known to prefer brands that facilitate transparency and share their values. They quite often choose part-time jobs online. On the other hand, Gen Z is more focused on authenticity—they may not like photoshoots but real before and after images.
For example, the no-Photoshop policy by American Eagle has much connected with young teens –they don’t want fake or staged content. Generation Alpha wants content that not exaggerated, but practical.
Millennials like online shopping; Gen Z prefers in-store shopping
You will always find many Millennial generations where online shopping gets mentioned. They prefer using smart devices to make a purchase from the comfort of their desk. They like the convenience technology offers, and take advantage of every bit of it.
Gen Z likes to shop in malls. The experience of handling real products makes them think they will only buy high-quality products. Incorporate some social media experiences like free Wi-Fi and see how young teens will flow in.