Global strategy consulting firm OC&C has conducted an in-depth survey of 15,500 respondents spanning four generations and nine countries to help brands and retailers understand this new and ever-changing generation. As previous generations of consumers inevitably deplete as they advance into old age, Gen Z already makes up 30% of the global population and almost 50% in parts of Africa.
Six key findings:
- Gen Z are more global - From attitudes to spending, to their outlook on the future, Gen Zers across the globe are resembling each other more than any other generation
- Gen Z are under the influence - Gen Z are under the influenceInfluence plays a huge role in the life of Gen Zers. They report higher levels of influence on their life choices than older generations, and are more likely to be influenced by friends and celebrities than older generations.
- Gen Z are more demanding - While price and quality remain the most important criteria for choosing retailers, Gen Z have a wider set of KPCs than older generations. This group places a higher value on secondary factors such as style, sustainability, uniqueness and flexibility, and attaches more importance to a brand’s ethics.
- Gen Z want to stand out - In a world where everyone has a platform though social media, many Gen Zers have a strong desire to stand out and feel unique. We see this reflected in their attitude even towards their own opinions – nearly a quarter believe having a unique point of view is very important – as well as their views on style, hobbies and creativity.
- Gen Z want experiences - Almost a fifth of Gen Z respondents strongly agree that they “would rather spend money on experiences than products”.
- Gen Z are pro social (responsibility) - social responsibility have captured the attention of Gen Z.