Are Generation Z Compulsive Buyer?
You need to change as the world changes in a bid to remain relevant. For you to change, you will need to understand what the consumers want. Today, a significant portion of the consumer base is Generation Z. Today, they have purchasing power estimated at $44 billion. Here is what we at http://bitgale.com/ have been able to find out about them.
They Use Technology to Make Purchases
This generation was born at the beginning of the technology boom. These young people grew up with technology all around them. They were not around when communication would take days or weeks.
If you are trying to market to them, you should have that in mind. If this generation cannot find information online about a product, they will not buy it. In fact, the fast-changing world of technology is not strange to them. They have become so used to change that if a product remains constant too long, they will not trust it.
Most of them interact with others over their mobile device. You will not find them out in the malls loitering. If you are trying to sell to them, you will need to come up with an app or a solid online strategy. For them, buying through these apps is the norm, not the exception.
Unlike other generations before them, they do not have millions of questions about products. For them, swiping and shopping online is normal. They approach the market through their devices and interact with it with a different mindset.
Convenience Is Key
This generation inclines on convenience. It can be partly attributed to how they were brought up. As such, they did not appeal much to marketers. They were also brought up at a time when the nuclear family was disappearing.
This generation was brought up at a time when their parents were not always at home to take care of them. They were brought up with little attention given to them, and this can be seen in their purchasing behavior. Unlike previous generations where convenience was a luxury, to them it is a necessity.
They do not believe in working hard to get what they deserve. For them, if they can avoid the hard work, the better. This is why they shop online rather than walk to the store. If your online platform is too complicated, be prepared to lose a significant portion of this generation.
They Are Picky
Just because they love convenience; do not expect them to buy whatever they find. They grew up during the most recent financial recession when there were significant job losses. As a result, they have grown with a deep sense of financial insecurity.
As a result, they have developed frugality through conditioning, and they express this in their purchase behavior. In short, they are amongst the most discriminating shoppers around. For instance, they will not pay more just to have access to an extra feature. Unless it adds real value, they will most likely not pay more.
Even when making purchasing of luxury items, they are not compulsive buyers. If they can get the same value in another way, they will choose it. This generation values convenience, but they also place great value on their money. When making any purchase, they ensure that every penny they spend adds some real value to them. You need to have this in mind and show the value you add to them.
Escapism Is A Major Plus For Them
The concept of escapism first came about and was popularized by generation X. It is where generation Z has inherited their escapist tendencies. They love products and services that take them out of ordinary life and take them to an alternate reality.
For instance, they love unrealistic movie plots, video games that take them to distant planets and much more. It is a generation that has shown itself willing to transcend the limitations of reality and experiment with the unreal. It is seen in how they spend money. For instance, they may not be willing to pay for the second best sci-fi video game. However, they will folk out top dollar for the best sci-fi game.
They Are Extremely Informed
It has mostly been because of their discriminating nature. They trust the words of others, which has made them the most review-obsessed generation in the US. If you visit any website with a review section, you can see this. They are usually the most reviewers in this section.
This generation just loves doing their research before making a purchase. They will Google an item and read about its alternatives, sometimes for days, before settling on a product. It is not a generation, which blindly falls for slick promotions like other generations. Thus, it is up to you to ensure that you have as much information out there as possible.