Generation Z was born between 1996-2014 and don’t know a world without the internet – they are digital natives (Earls 2017). Technological innovations are nothing new for people that are part of this generation and according to Earls (2017) they are connected between “six and nine hours” daily and 96% of this generation owns a smartphone. They are characterized by Francis and Hoefel in a research conducted by McKinsey in 2018 as the true generation – “True Gen”. This is because this generation is seeking the truth with the following four behaviors:
- They promote self-expression and don’t like being labeled.
- They take action on various causes.
- They strongly believe in the effectiveness of talking to resolve conflicts and creating a better world
- They rely on analytics and pragmatism in their relationships with institutions and in the choices they make.
This is defined in particular in contrast with their preceding generation, the millennials, which is usually defined as the “Me generation” – a very self-centered generation (Francis & Hoefel 2018).
According to the characteristics listed above, companies should therefore adapt their strategies in order to meet the requirements of this very digital generation. Francis and Hoefel (2018) list three aspects the companies should pay attention to: “consumption as access rather than possession, consumption as an expression of individual identity, and consumption as a matter of ethical concern.”. Hence, companies need to move away from mass production and reorient themselves towards strategies that focuse on other values than just owning material (Williams & Page 2011). For example, selling experiences or car sharing services. Furthermore, as mentioned above generation Z doesn’t like being labeled, which is why companies’ strategies should focus on personalized marketing (Williams & Page 2011). Moreover, as the generation Z is aware of ethical and ecological issues, brands should focus on improving their global corporate citizenship (Francis & Hoefel).
I think our master is divided with people from Generation Z and generation Y (millennials). Which generation do you feel you belong to most and do you think this strategy answers your needs?
Earls, A,, “Facts and Trends – 10 Traits of Generation Z”, Facts and Trends, Accessed on 8 October https://factsandtrends.net/2017/09/29/10-traits-of-generation-z/
Francis, T., Hoefel, F, (2018). ‘True Gen’: Generation Z and its implications for companies. McKinsey&Company. Accessed on 8 October https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies.
William, K., & Page, R. A., 2011, Marketing to the generations. Journal of Behavioral Studies in Business, 3(3), pp.1-17
