Generation Z – The future consumer
Welcome back to our series of blogs from our latest report on The Future Consumer, where we aim to unpack the current traits, behaviours and mindsets of our current generations and understand where they might head in the future.
We believe that generational analysis isn’t a passing fad or a generalisation of a cohort of people, but an embedding of one’s psyche and worldview when people of various ages are living through the same political, technological or social shifts.
Who is Generation Z?
Generation Z are almost exclusively the children of Generation X. Since 2019, there are more Australians born since 1980 than before it. This means that Gen Y (born from 1980 to 1994), Gen Z (born from 1995 to 2009) and Gen Alpha (born since 2010) now comprise more than half the population. Gen Z are too young to remember the arrival of digital technology, and have grown up and in many cases, have been significantly socialised by screen-based devices.
95% of Gen Z own a smartphone and this technology is seamlessly integrated into their lives. On average 74% of Gen Z’s time is spent online (outside of school or work). The digital is increasingly replacing the physical which is fundamentally changing their experiences of the everyday.
Global connections and social influence
Through technology, Gen Z experience cultural and social trends globally like never before. No matter the location, Gen Zs are influenced by the same movies, music, fashion and food. Today’s youth are extensively connected to and shaped by their peers. Social proofing comes through what their peers recommend and the distance between fan and
celebrity, regardless of geography has narrowed.
Sustainability as a lifestyle
Gen Z believe in protecting the planet through their purchasing decisions with many taking steps to change their behaviour because of concerns they have for the environment.
Visual communication is an expectation
YouTube outstrips Google as the number one search engine for this generation, because why would they read it when they can watch it? The visual summary drives higher engagement than the written narrative. Watched on a mobile of course, bite sized, personalised information defines this generation.
Established in their earning years
In the next ten years, there will be twice as many Gen Z’s in the workforce than in 2020. With Gen Z comprising a third of the total working population they will be the largest generation of active workers in Australia.
Mobility and flexibility are essential
Gen Z are approaching their careers in different ways to generations past and have different career expectations. This generation are mobile, agile and on average are expected to have 18 jobs across six careers in their lifetime.
The ‘nine-to-five’ of the previous generations will cease to exist as technology and lifestyle preferences pave way for an outcomes-based workplace that rewards output, not time spent at work. Gen Z will hold multiple jobs at any given time and will likely be both employees of an organisation and contributors to the gig economy.