GENERATION Z: Getting to know THE FUTURE LEADERS.
Abhishek Kumar | July 30, 2020, 5:09 a.m.
You may still feel like you've started understanding millennials, but Gen Zers has already begun taking over the workforce and impacting the world economy.
Generation Z was born after 1995, or you can say the future generation who'll run the world. Today this group of people represents a large segment of consumers. They comprise about 40% of consumers in developed and developing countries and 10% worldwide. The most important thing to consider is that today, in 90% of families, the decision to purchase goods is influenced by Gen Z, especially services and goods regarding travel, food, household goods, and furniture.
Generation Z overview
According to Goldman-Sachs & U.S. Census Bureau, Gen Z will be the breakthrough generation in which the majority will belong to a minority race or ethnic group." Generation Z is diverse, and this feature has made the digital native very tolerant and comfortable with other cultures and global communities.
Generation Z prioritizes and values equality, non-discrimination, and diversity around them and society. Optimism is always present in the minds of "zoomers," personal ambitions highly drive them. Gen Z is also known as digital natives, and for them, self-actualization is very significant, as well as a fulfilling career and a good work environment.
Consumer Characteristics Defining Generation Z
This generation grew up in a very mixed up society and families, with blurred and continuously changing gender roles. They and their choices are highly driven by social media and always check the trends and reviews on YouTube, Instagram, Pinterest, and other social media platforms. This is the generation that takes real-time feedback from their friends while shopping on WhatsApp.
When they purchase (online mostly), companies can influence and inspire with product inspiration, e.g., scrapbooks themed around the products. Additionally, suggestions and potential future purchases can be displayed. They're very different from previous generations who had a simple buy and see the policy.
Purchasing features for Zoomers are supported by major E-commerce giants like Amazon and Flipkart, etc. Ratings and reviews online and rankings matter and influence this generation's choices, which shows the tendency of Gen Z to trust their peers and fellow consumers more than the sellers and marketers.
Gen Zers and Internet
If you've ever been amongst Gen Zers, whether on a college campus or running errands downtown, there's one trend that you've noticed: they're always on their phones on and off work.
Gen Zers are known as digital natives as they grew up on the Internet mostly. They have almost completely replaced dial-ups with wifi and internet connectivity. They are the first generation only to know life with the help of the Internet. Additionally, many of them don't remember a time without smartphones. For them, smartphones and the Internet have become the most significant part of daily life, whether personal or professional. You'll always find them online, & they expect their workflows to be entirely available on a mobile platform", according to 'Forbes'. The vast amount of time is spent on the Internet has made them insightful, comfortable, and accustomed to the international community through different platforms like online gaming, forums, Reddit, and other social media. Distance is not a problem for them anymore. They have access to every corner of the world, just at the touch of their fingers. Gen Zers are entirely comfortable and at ease working with colleagues or people who are off-site or in the other corner of the world, and they prefer working remotely and get things done at the convenience of home. These digital natives will undoubtedly look forward to eLearning for online courses and carrying their education ahead.
Generation Z And Their Views On Education
Gen Zers grew up in the wake of the Great Recession. The experience has made them very cautious about the accumulation of debt and practical about job opportunities. With the increasing involvement of college tuition and the difficulty and scarcity in the job market, Gen Z doesn't believe a college degree is enough to succeed or have a dream career.
Due to these, Gen Zers often question the significance of a college degree, and they are very open to nontypical education programs. This includes the high engagement of Gen Z with eLearning programs. Extole estimates that the eLearning market by 2025 will reach a global value of $325 billion. Also, it said the e-learning market would be worth over 4x the $70.6 billion higher education market.
Gen Z And Entrepreneurship
Entrepreneurship is a very trendy word presently, and you can hear it everywhere very often, especially on the lips of Gen Z. It's not just because of trend or prevalence but because the tech revolution has given access to knowledge, global community & market, different new ideas which makes it one of the most sought career path today.
Gen Z weighs all the options when it's about reliable career paths while avoiding the debt trap. They're generation armed with the entrepreneurial spirit of the millennials. Still, with a lot more knowledge, caution, and forethought, Gen Z thinks they will pave their way to success without the following anyone else's set rules.
According to a study, among Gen Z, 70% believe that student loans and debt traps will make it harder to save. So many of them are looking for answers to avoid the debt trap. Before age 10, 21% of Gen Zers already have a savings account, and 24% plan to pay for their college and education through personal earnings and savings.
Gen Zers are already entrepreneurs in their personal lives. They're digital natives and masters of technology and know how to tame the most powerful information tool that ever existed. They're already the CEO of their personal brand and want to find their place in the world.
While cultural and economic factors shape each generation, you will find that Gen Zers are similar to young people of any age. Gen Zers are establishing themselves as individuals, learning teamwork, and becoming professionals. They want to make a difference, want to earn a livelihood and try to find their place in the world.
