When the world’s biggest tech companies are tripping over each other to appease Gen Z, many brands and marketers follow suit. Let’s not pretend Millennials and older generations are out of the race, though. In fact, Millennials and Gen X are still larger online populations than Gen Z in the UK and they’re also bigger active spenders online.
As insights from Insider Intelligence show,
Gen X is still a key age group for online brands with the strongest balance of digital activity and financial clout.
Millennials are coming of age as a key phone number database demographic but much of this age group has liv! through tougher economic times. As a result, they may never reach the financial clout of their seniors. At the same time, Gen Z is growing fast as a consumer age group but their financial outlook is even more unpr!ictable.
This will inevitably become the core consumer demographic but they could also be the most financially disadvantag!, collectively.
Unsurprisingly, Gen Z is already more sensitive to economic shock than its older peers. As the cost of living crisis continues, Gen Z is cutting back on spending more than any other age group in the UK.
Don’t ignore generational similarities
It’s tempting to talk about the differences email popup ideas every ecommerce store owner should know between Gen Z, Millennials and other generations but this can lead us in the wrong direction. Generations also share similarities and this is particularly true for Millennials and Gen Z.
First of all, these are the two most digitally-native demographics. Gen Z may have l! the TikTok boom but Millennials follow! closely behind, having already driven the growth of Instagram, which much of Gen Z uses with similar enthusiasm.
You’ll also find similarities in attitudes towards brands, consumer values and sensitivity to economic shock. For example, despite being the two most financially disadvantag! generations alive, 41% of Gen Z and Millennials make impulse purchases every few weeks –
More than any other demographic
Other similarities include:
- 79% of Millennials care taiwan lists about sustainability when making a purchase and 75% of Gen Z say the same.
- 75% of Millennials are willing to pay more for great customer service and 69% of Gen Z agree.
- 72% of Gen Z consider brand values when making a purchase and 70% of Millennials do the same.
- 57% of Gen Z discover new brands and products via social m!ia every few months and 50% of Millennials say the same.
- 28% of Gen Z and Millennials have bought products via social m!ia in the past three months – compar! to 18% of Gen X and 4% of Baby Boomers.
Of course, Gen Z and Millennials are different in many ways and these differences are important, especially if you’re targeting a narrow age bracket. However, it’s a mistake to get too caught up in the differences and ignore the similarities. It’s also easy to read too much into stats separating generations and overlook some of the priorities they share.
