It can be seen that most marketers’ perception of Gen-Z consumers is often a little confused. This is not surprising when you consider they are a generation that greatly differs from any before. For example, many studies describe them as “highly collaborative, self-reliant and pragmatic”. A McKinsey & Company study also describe a far more optimistic generation of ‘Zoomers’ than their predecessors GenX or the ‘baby boomers’.
Keen to get ahead and succeed in life, they believe anything is possible in their future despite global economic uncertainty. However, Gen-Z are also the most likely to report “higher rates of emotional distress and obstacles to working effectively”. A survey found that Gen-Z want to spend an average of 3.7 years in a job, greatly valuing loyalty from their employers and seeking to achieve mutual respect and appreciation.
While Gen-Z can be seen as often prioritizing their career and financial goals over immediate gratification in their personal lives, they are also more materialistic than previous generations. According to a recent survey by Bank of America, 45% of Gen-Z respondents said that material goods were a major priority for them - compared to only 34% of millennials.
Despite being highly motivated, Gen-Z also greatly value a slower pace of life and is focused on living in the present, and, according to a study by EY is often worried about their physical and mental health.
In 2023 every CMO and their team have made reaching the elusive "Gen-Z" segment of consumers a key part of their strategic plan.
Notoriously hard to reach authentically, who better than ‘Zoomer’, Gen-Z authority and democracy-focused policy advocate Cheyenne Hunt, J.D to explain more on how they perceive the world.
Cheyenne Hunt, J.D
While it is no surprise Gen-Z have a reputation for being different, CMOs need to appreciate the context in which they have grown up.
Hunt: “CMOs need to recognise Gen-Z grew up in a time of both massive technological innovation and debilitating economic instability. Between the 2008 crash, the student debt crisis, and wages remaining stagnant as corporate profits hit record highs, we know that the deck is stacked against us as far as economic opportunity. However, we are incredibly ambitious and strive to use our technological savvy to create an economy of equitable opportunity.”
Hunt believes that this is the reason that influencer marketing – such as product review videos - has taken off so successfully as Gen-Z in particular are much more interested in buying things recommended by someone they trust. Building on this strategy, Hunt has seen many brands successfully targeting this group: “The best marketing to Gen-Z I've seen is duolingo on TikTok. Half of their videos don't even mention their product. Instead, they feature their mascot in videos participating in viral dances or other trending video formats. This kind of content boosted their followers at break-neck speed, so when they then post content directly related to their product, they are getting viewership and engagement in the millions”.
GenZ
Not all companies are so successful however “The worst practices almost always involve fake, overdeveloped content that we're all burned out on. Images with excessive Photoshop or any broad product claims that aren't backed by evidence are getting nowhere with Gen-Z.”
Gen-Z is also characterized by its interest in technology. Deloitte claim that Gen-Z are often interested in developing their career in technology. Gen-Z also has a strong interest in the Web3 industry, and all of the possibilities represented by smart contracts, blockchain and cryptocurrency. Hunt believes this is due to technology being inextricably intertwined with the Gen-Z economy: “It's part of our DNA. Now, we're striving to decentralize the technologies that have become essential to our everyday lives. We are plugged in to issues like corporate accountability, data privacy, and monopolistic market power concentration. I would be willing to bet that GenZ will lead the way to even the playing field for tech start-ups who want to change the game and offer alternatives to the big guys like Meta and Google.”
No surprise then for CMOs that Gen-Z also view sustainability as core to their identity.
Hunt: “Sustainability is an uncompromisable value for Gen-Z. We are experiencing the devastating effects of climate change first hand as natural disasters become all too frequent. We embrace sustainability in our personal lives as many of us do what we can to make lifestyle changes to protect the climate, but we also make our career choice with the environment in mind. We are already seeing fields like big oil struggle to get buy-in from the younger workforce, and I see that trend continuing in the future.”
It is clear that “Zoomers” will increasingly become known for their high level of digital savviness, growing entrepreneurial spirit and concern for the planet (and their own health). However, as they are also driven by getting ahead and often also desire material things they are clearly also a very attractive generation of consumers.
In reaching them with their marketing messages for their products and services, CMOs and their teams need to tread a fine line. So, how to reach them? One thing that does seem key for CMOs is to approach targeting Gen-Z they need to appreciate a core principle – authenticity.
Hunt: “Gen-Z craves authenticity. Between all digital and physical media sources, we are exposed to thousands of advertisements a day and we have developed an internal filter to disregard promotional materials that feel gimmicky, polished, or inauthentic.”
