Today, the oldest members of Gen-Z will be at university or just starting to enter the workforce. And as their earning power increases, so will their buying power. As such, they represent a huge opportunity for business growth
So what do we know about this upcoming generation? As part of our 2020 Consumer Intelligence Report, savi uncovered some surprising findings.
They are deal hunters
- More than 69% of Gen Z and millennials use their devices to download paperless coupons and compare competitor prices
- 43% of Gen Z scan receipts to receive cash back or points versus 31% of all consumers
- 74% of Gen Z are seeking more ways to save amid the pandemic
They are social
- Gen Z favour brands with a strong, positive social media presence and express stronger interest in celebrity endorsements
- 33% of Gen Z will share brand reviews detailing how much they’ve saved, versus 21% of consumers, thus advocating and advertising for you.
They are value-driven
- 53% of Gen Z consumers say they are inclined to show loyalty to a brand or store that has sustainable/ethical business practices, compared to 48% of all consumers
So how can FCMG brands connect with them?
With little disposable income, this audience is looking for and appreciates ways to save money. Brands can therefore appeal to them with strong digital promotions. They should also consider using social and influencers to drive awareness of offers. This group’s propensity to share also provides a good opportunity to run competitions on social media where participants need to mention your brand or use a brand hashtag and create engagement and free advertising of your products.
Given Gen-Z’s desire to supports causes that are meaningful to them, brands could also consider demonstrating their commitment through charitable or sustainability initiatives. Rather than providing a discount, brands could look to reward a charity or cause on behalf of the consumer or incentivise recycling and re-use of products and packaging.