Chauncey: Welcome back to The Being Found Show. Our topic right now is we’re discussing that generation Z is moving in to take over millennials. Millennials can no longer be your punching bag. Generation Zs were born after 1997.
Chauncey: Jake here is a millennial.
Chauncey: A millennial by definition is somebody who came of age entering the workforce and stuff like that around the year 2000. You’re about the tail end of this, aren’t you, or the front end of this. I don’t know.
Jake: I would be considered an older millennial, I think.
Chauncey: I constantly touch down on the left and the right, and it’s hard not to in this society. I tend to lean a little bit left, but, as I said, I listen to everything, and I’m out there. I’m listening to Mark Levin on the radio. He had something interesting to say about millennials. I think I pointed it out before, and he was saying that he thinks they get a bad rap, because all the economic growth, all the wars being fought overseas, all these things are being done by millennials, and that he thinks that they maybe deserve a little more credit, because pretty much all of our troops that are on the ground are millennials.
Jake: That’s true.
Chauncey: Maybe that they deserve a little bit more credit. All the things that drive people mad about millennials, because they’ve chalked it up to hipsters and unicycles and weird mustaches, or whatever it is that they put on them. Generation Z is quite different, but what irritates people about millennials is that they feel that, well, I guess you hear it the most, what is it? That they’re entitled and lazy.
Jake: Honestly, I don’t think millennials got a bad rap. I think we got the same rap as everyone else in history.
Chauncey: I think so too. You just got it in the day and age of computer communications and mass media. Coming up next here is gen Z. Most used devices for them, if you have an online business, you should definitely know this. Millennials are first desktop, then smartphone, then TV. Gen Z is smartphone first, then the laptop. There is no desktop in there.
Jake: Wow. Yeah.
Chauncey: Top social media sites for millennials, top off with Facebook and then follows up with YouTube. Strangely enough, it looks like Twitter and Google+ are tied.
Chauncey: For generation Z, Facebook, Instagram, and YouTube, which is what we hear about on TV because media, in general, tend to market to the young because they’re spending their parent’s money. At the same time, millennials and Gen Z are actively avoiding ads. Young men, in particular, are early adopters of ad blocking software. Ad blocking software has 45 million users in the US and a 41% increase in the past 12 months.
How does Generation Z make purchasing decisions? What matters to them?
- Quality at a good price: They want to know they are getting the most for their money.
- They lean toward products they see influencers mention on platforms like YouTube, Instagram, and Snapchat.
- They want their brands to align with their morals and way of life.
- They want to buy from companies who care about social issues.
- They care what their peers think and are using crowdsourcing more and more.
- They want the item NOW and the price of shipping matters a lot!
- Z’s would prefer a cool product over a cool experience, while generation Y would prefer a cool experience over a cool product, which is interesting.
- Gen Z knows the Internet, and they know when you are using sales tactics on them. Don’t market to them; engage with them. Make it interactive.
Generation Z is out there getting their own experiences, and they want to take the product with them. They do tend to be more on the go, which is weird because a big thing about millennials that everybody was always upset about is they live with their parents, which we’re not going to see that go away. Our economy, people living with their parents can be 50% blamed on entitlement, but 50% of that can be blamed on the economy.
There are lots of countries around the world that have multi-generation homes, even with good economies. That’s not necessarily that weird, but as a parent, I would just as soon not be a multi-generation home. I would just as soon it be my wife and me. I do not want my kids. I would like them to move out, and I would like … I don’t have any parents anymore, but my wife does, and I would prefer them not move in.
Jake: I kind of like the idea of a multi-generational home. I don’t know why. Growing up I had some neighbors who were Hispanic, and I think they had three to four generations in their home. They were a very happy family.
Chauncey: Did they have a big house though?
Jake: No. It was the same size as mine, so they were crammed in there.
Chauncey: They were happy about it.
Jake: I like the idea of having several generations telling stories about all the mistakes they made to their kids.
Chauncey: That’s a good point. Now, with the internet, we’ve created this world where it’s no longer linear, we have pockets of things that explode across demographics. Brands are getting smaller and more finite. Your marketplace is definitely bigger. You can now find a million people that are maybe into what you’re into without living by a million people who are into what you’re into.
Jake: That’s really interesting.
Chauncey: Well, that explains why cable companies are having a hard time and stuff like that. It’s just taking over. Gen Z hates ads, and they don’t want to sit in front of a T.V, and they do not like the idea of a monthly cable bill, or even consider it as necessary. They are more than happy to pay for their phone.
It’s happening, and it’s changing. Generation Z is a generation that’s out there, and they’re buying and moving. They’re doing the one thing that everybody complained about millennials, they’re moving, but unfortunately, they’re not spending in the same way. If you own a business or are managing a business, do some Google searches about how Gen Z wants to buy, it will help you understand how your business can keep up. Ask your marketing company for some help, if you feel you need it. Things are changing quick!
Thank you for listening to this segment of the Being Found Show, to hear the full show listen here: Being Found Show Episode #69 or subscribe to our Podcast.