Millenials vs Gen Z
Scientists say that Millennials are born from 1980 to 1995 and Gen Z are born a bit later, to 1995 up to the present.
The first group is called in three ways:
- “Millenials” as their ideas, attitudes, and values are formed during the period in which they live;
- “Generation Y”, where the letter Y means YES;
- "Echo boomers" because they are the children of the Baby Boomers generation.
In Italy they are almost thirteen million. A lesser number rather than in the USA, due to emigration. Millennials are been used to demanding anything that they want immediately.
Among these generations, the ways of living express a different mentality.
Millennials and Gen Z spend less time watching TV rather than previous generations. In particular, the first group do it for fourteen hours per week and the second for thirteen hours.
They are both confidential with the Internet. Indeed, in Italy, 1,200 young entrepreneurs have set up a start-up. They are used to using a smartphone to solve daily problems or doubts, rather than encyclopedia as the previous generations do.
Both generations are multi-tasker, even if Gen Z is better at it, as people are digital natives. They can compare prices of products immediately, by fingertip. They are used to customizing their purchases.
Yet, their attention span is smaller: for Millennials, it is twelve seconds and for Gen Z it is only eight seconds. Consequently, this feature makes a revolution in the business sector. Marketing strategies must change if they want to catch attention.
Millennials care more about the prices than Generation Z. This is because they come from an age during the recession. They are more selective and faithful with the brands than the previous generation. If they save money, they spend them on holidays or habits, such as food drink and so on. They are more used to doing the takeaway. Indeed, they are customers of services, such as Deliveroo or Just eat.
Moreover, Millennials are not interested in buying cars compared to previous generations. They prefer renting them or using public transports.
As far as social aspects are concerned, they both have an open mentality. They consider diversity as a way to create communion. Thus, they are more responsible for the community.
They are more collaborative. Thanks to their education, they are used to work in a group. As they need always feedback, they desire clear communication.
An important difference from the previous generations is that Millennials have been putting the marriage and children off. There are various consequences for that.
Firstly, those who have studied in the university started to work later and not always find the job immediately; secondly, the wedding and home increase in the cost; thirdly, they prefer to dedicate time to succeed in their job career.
Gen Z is full of early starters who go straight to the workforce. Youngs are more entrepreneurs; they desire a more independent working environment. The explanation is that parents of digital natives have a job and by the discovery of the Internet.
According to Bo Finneman, partner of McKinsey, Gen Z want to breathe new life into what corporate responsibility looks like. They are trying to understand what actually a company create for a society.
The main difference from Millennial is that they want to be express their uniqueness. They search a brand with which they can express their personality. Indeed, niche brand are arising more than ever.
Gen Z use social media to discover information. Nowadays, brand must be omnipresent on them and create a community, giving attention to their clients by re-posting them into their stories, for example. Moreover, brands must deliver contents that are authentic and true. You can’t talk about sustainability if you’re not doing sustainable practices.
Both generations are caring more about sustainability rather than years ago. This trend will continue to grow.
Therefore, authenticity, sustainability, and omnipresence are the keywords for the future.
Link:
https://www.fastcompany.com/3052617/this-how-millennials-will-change-management
