Gen Z consumer characteristics Gen Z'ers consumer characteristics tend to reflect their pragmatic approach to money and education. Other key influences are their affinity for technology, their belief in social causes, and a strong individualistic streak.
Gen Z Terms and Definitions
Pew Research recently defined Gen Z as anyone born 1997 onwards. Gen Z grew up with technology, the internet, and social media, which sometimes causes them to be stereotyped as tech-addicted, anti-social, or “social justice warriors.”
Members of Gen Z are more racially and ethnically diverse than any previous generation, and they are on track to be the most well-educated generation yet. They are also digital natives who have little or no memory of the world as it existed before smartphones.
One-third (32%) of Gen Z respondents say they are the hardest-working generation ever, with Millennials ranked as the second-hardest working generation at 25%. More than half (56%) say the Silent Generation is the least hardworking generation of all time.
TL;DR: Listening to music is the top activity Gen Z and Millennials do in their free time. Gen Z is much more likely to than Millennials to watch videos on YouTube and social media platforms. Gen Z is also more likely to play video games in their free time compared to Millennials.
What is the biggest issue for Gen Z? Inflation is the top problem Gen Z and Millennials name as the biggest they are facing today. Over-dependence and addiction to technology ranked second as the top problem among young people for the first time. However, racism and COVID-19 are still top concerns for these gens.
Authenticity over everything
A third (33 percent) of Gen Z said they found it easier to be themselves when taking on a persona or alter ego, with over half (55 percent) saying they've used a 'secret' alter ego to express themselves.
Generation Z has more conservative spending habits and is more focused on saving money than millennials were at their age. Gen Z tends to be interested in purchases that provide the maximum amount of value for their money, while millennials are more focused on the buying experience.
What are the strengths and weaknesses of Generation Z? Gen Z are technologically savvy and adapt quicker than most. 72% of Gen Z are creative and want to start a business. Gen Z can at times be more cynical and 25% of Gen Z believe they should only stay in a job for a year or less.
The Fear of the Future
Some of the biggest concerns have to do with finances and work. More than three in five (66%) do not feel financially stable, and 50% do not feel ready to join the workforce. Overall, 89% of Gen Z are worried about their personal finances, and 70% are concerned about the economy.
According to a 2021 Consumer Culture Report by 5WPR, Gen Z is prioritizing electronics, technology, health, and wellness. Conversely, Millennials and those from older generations prioritize travel and experiences, home goods, and furniture.
Clarity into career paths and internal mobility opportunities. Gen Z is known as entrepreneurial and looking for a sense of ownership. They want to tackle exclusive projects that help them develop their skills, with nearly 1 in 5 Gen Zers stating they would stay at an employer that offers upskilling/reskilling.
The Economist has described generation Z as a better-educated, well-behaved, stressed, and depressed generation compared to previous generations. Gen Z is also more ethnically diverse and familiar with gender-neutral pronouns.
And so is Gen Z language. They use traditional words (with brand new meanings) to describe excitement, community, culture, an inside joke, and things unique to their age group. Gen Z ers are the ones setting mainstream trends, but they're super low-key about it.
They prefer their jobs to be stable touchstones they can rely on — but still, they want it to be on their own terms. Stubborn independence — Despite wanting stability, the iGeneration, like their millennial predecessors, are practical.
There are few demographic groups that are as misunderstood as Gen Z. Some people think they're entitled, and others think they're lazy.
Happiness levels average lower today for most adults under age 35 than they did in 2017. However, the data show that Gen Zers report the lowest levels of happiness on record in the past five-year timespan.
Gen Z is also the smartest and best educated generation. Having an unlimited wealth of information at our disposal has not gone to waste. In America, 57 percent of Gen Z is reported to have enrolled in a two-year or four-year college, compared to 52 percent of Millenials and 43 percent of Gen X.