It’s the beginning of the year. While this actually just means that our planet survived another trip around the sun, some also see this as a moment for reflection. It’s an opportunity to start anew and set hopes high for the year to come. The fiscal year is completed and new possibilities are visible on the horizon.
So what’s on your menu? Maybe a brand new social media strategy, building a customer community, organising target group interviews — all in order to get your customer on board. As we all know, some far too well, loyalty isn’t built in a day. To be able to convince your customer means you must be able to understand him better than he understands himself.
That’s exactly what we want to tackle today. We decided to look into what makes this market the way it is — what Gen Z wants, what they like, and what drives them away from certain companies.
By providing you with the necessary insights on your customer of tomorrow in the infographic below, we believe you’ll have everything at hand to get a head start on your competitors in 2017.
Instead of going in-depth to what you can already see, let’s take look at some facts: by 2020, people born between 1995 and 2005, who fall under the Generation Z label , will account for around 40% of all consumers. So, three years from now, we’ll have to focus on the generation that’s fused with their smartphones, distrusts big corporations and doesn’t feel attracted to our traditional way of advertising.
Instead they prefer a personal, imperfect and human approach that meets their custom needs. Of course, it’s always important to adapt to your changing market. But just how important is Gen Z?
If you know that their average allowance is $16.90 a week, we can estimate that their total purchasing power will be upwards of $44 billion a year. If you factor in their persuasion power, their influence over family expenditures is worth $600 billion a year.
"Gen Z can truly be seen as an economic force to be reckoned with."
Feel free to use the provided infographic on Gen Z in whatever way makes sense for your needs. However, we do want to share a few starting questions with you, based on how we use this information to begin our projects:
Take a look at all of the information provided. How do these characteristics and expectations from your COT relate to your business? Which of them are left unanswered in the strategy of your company? How can you tackle this in the future?
As you can see below, our favourite tool of choice in these exercises are Post-its, sorted by colour and arranged around the poster by subject. An easy, hands-on idea generation tool.