For years, everyone's been talking about Millennials, the largest generation since the Baby Boomers. But what about Generation Z? While the oldest Millennials are approaching their late 30's as of 2018, Generation Z will make up almost 40% of consumers by 2020. Now that they are reaching college age, it is vital that institutions of higher learning focus on getting to know Generation Z better.
Generation Z defined
According to Pew Research Center, Generation Z (also known as “Post-Millennials”) includes all individuals born between 1997 and 2010. Their early lives have been impacted by far-reaching circumstances such as the Great Recession, the rise of ISIS, the election of the first black president, and social movements that support populism and marriage equality. Members of Generation Z are true digital natives, comprising the first generation born into a culture completely dependent on technology. Leaving the house to pick up groceries or take out cash from the ATM become rarer as these interactions move online.
Best Practices for Marketing to Generation Z
In order to launch successful advertising and recruitment campaigns for Generation Z, companies and institutions need to approach this cohort differently than when they advertised to Millennials. By getting to know Generation Z, you'll find that they're more future-minded and financially prepared than many of their Millennial counterparts. Furthermore, having grown up in the digital age, Gen Zers are accustomed to conducting online research and are looking to engage with brands they determine to be authentic and socially responsible. Finally, although they may largely lack financial independence, Gen Z is poised to become the largest generation of consumers, in addition to the impact they currently have on household expenditures (with more than 90% of parents reporting that children have influence over family purchases). In short, these "post-Millennials" are already promising to harness tremendous spending power which they will invest in their educational futures, their lifestyles, and their livelihoods -- so the time to get to know Generation Z is now.