Buying behavior is nowadays more colorful than ever before. Generation Z or Gen Z in short stands out from other generations in such a way that it has a straightforward relationship between electronic devices and social media. Social media has an impact on everyday life, even on the philosophy of life.
Gen Z does not make purchases simply by going to the store and selecting the first good product off the shelf. They are able to locate the best price/value and are less depending on the location of a product. It’s not at all strange to borrow items from a friend first. If the youngster likes the product, he/she will buy it after comparing the prices. Gen Z buy and consume easily, but after the millennium there has already been at least two major worldwide recessions and these events have an impact on the Z’s to become more aware of their economical behavior.
Unlike the previous generations, Gen Z doesn’t use printed media as their information source. They rely more on the information on the Internet. As consumers they expect the marketing interaction to work in both directions. Gen Z is smaller in numbers than previous generations but largely affected by the buying behavior of their parents. Gen Z may have much more information of various products before they will be available on the market.
Companies should acknowledge the changes in buying behavior and understand the consumers’ point of view. Consumers want to be treated like individuals and ethical values play a bigger role than ever before. Younger generations are easily affected by influences coming from other cultures and internet spreads information very effectively. There is always a risk of false information and that’s where the companies could take part to avoid misinterpretation.
So we say, Gen Z likes to spend and try all new things, and this puts pressure on the companies to be more aware of the market and consumer trends.