Marketing to Gen-Z can be a complex task. Alex Gallagher, chief strategy officer at UK-headquartered Unidays, the leading student affinity network, shares some key insights around this evolving cohort and what marketers can do to keep pace with them
Even as marketers start unravelling the myths and facts around the newly emerging Generation Alpha, the generation that will never know a world without smartphones, it is time to relook at the Gen-Z or the zoomers, who are emerging as a powerful and uniquely-placed set of consumers.
A common misconception of Gen-Z is that they are struggling to make ends meet. The reality is that they are in a period of their lives where they have a relatively high disposable income – thanks to student loans, part-time jobs, side-hustles and often financial support from family. They are also the most digital native generation and thus expect brands to engage with them on their terms. They are also extremely smart consumers who can instantly see-through marketing that is generic or disingenuous.
Marketing to a savvy but bargain-hungry cohort
Despite their relative spending power, students are savvy and are always looking for a bargain. Data shows that 76% of students think discounts are important or very important when making a purchase. As reported, UK consumer spending shrank in lockdown. Brands need to recognise the purchasing power of this cash-rich, financially smart generation. Gen-Z intends on spending more over the next 12 months: 32%…