Anyone born between 1980 and 1995 is considered a Millennial. There are nearly 80 million Millennials in the United States. Anyone born between 1996 and the early-mid 2000s is classified as a member of Gen Z. Millennials and Generation Z members may appear to be the same age, but they shop, engage with brands, and perceive money in very different ways.
Millennials have higher standards for customer service and are willing to pay more for it. In a recent study, the majority of Millennials said their customer service standards were higher than ever before as compared to Gen Z. Seventy-six percent of Millennials have said they would be willing to pay more for exceptional customer service.
When opposed to Millennials, Gen Z members are more worried about the cost of college. Stability is essential to Millennials, but Gen Z is more concerned with pursuing their dream work. When compared to their Millennial peers, Gen ‘ Z’ers are more likely to obey their parents’ advice.
Millennials were an upbeat generation who were often patronized by their parents and other adults. Gen Z, on the other hand, is more pragmatic. Although Millennials grew up during a period of economic expansion, Gen Z grew up during a period of economic contraction. This generation was influenced by the economic stresses they faced as children, when their parents and societies may have struggled with jobs and finances. As a result, the most successful marketing to Generation Z focuses on long-term value and wise investments.
Gen Zers are more concerned about money than Millennials were when they were that age. Millennials are more interested in the overall experience of purchasing a commodity, while Gen Z is more interested in transactions that maximize the profit of every dollar.
Understanding each audience allows us to craft the best message for the right medium, and a deep statistical study is particularly relevant if you market to a large number of young people.
Text by: Ankita Dutta, IBTN9
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