The buying behavior of Generation Z
The world changes and so do the generations. Generation Z or the Zs means people who are born in the 21st century. The Zs are a smaller generation than the previous ones but it is held the most influential one. Digitalization and being constantly in contact with each other is very natural for them. The generation Z has seen how unstable the world can be so they are more realistic. They value money after seeing the effects of financial crisis and what it has done to their close ones. This sets totally new types of challenges for brands and markets. Brands and companies have to be more accurate about their values and images.
The Zs are looking life partner from brands and they are mirroring companies and brand images on their own values. Big marketing campaigns which are done in an old-fashioned way are a waiste of money and time. They are ready to pay for quality and their response to new things really fast. This demands a really fast response and new strategies from the companies. The Zs will not wait but rather find the product from other companies or online. On the other hand companies have now better change to get long lasting relationships with consumers.
The Generation Z is tearing old consuming patterns apart. They do not expect things to come to them but instead they have learned to innovate on their own. Social media has pushed communication boundaries to a whole new level and therefore information about brands and companies spreads rapidly. It can be said that they are not anymore consumers but rather leaders. In a way they are showing to the brands how to survive by showing which way to go. They´ve become trendsetters. They are digging out all the information available from companies or brands and share it with the world.
More than half of teenagers do their shopping online and in the future a successful company has combined the corner store, marketing, logistics and online shopping to one fluent structure. By understanding how teenagers behave online and in their everyday life is the key factor of a successful wholesale. The Zs uses a lot of time online to find product and information instead of buying rapidly from corner stores. They do research, share experiences and look for brands that match with their values. The sum up the Zs are richer by their knowledge but poorer on their wallets than previous generations.
In the future marketing budgets should use to polishing image and values of brand or companies than doing marketing in textbook way. Companies should not push all money to social media. They should build steady ethical image and trust the power of the Zs information sharing. As the the Zs are breaking boundaries in consuming and marketing they are also chancing way how companies should think.