Don’t undervalue the buying power of this young generation
Just when you’ve finally started to figure out how to appeal to Millennial shoppers, along comes Gen Z. Generation Z, or those born from 1995-2015, is currently the largest cohort in the country. You might not take them seriously because they’re “just kids,” but that would be a huge mistake. The oldest Gen Zers are already 25 and the generation’s buying power and influence are growing every year. In fact, they already make up 40% of U.S. consumers. So, how do you attract Gen Z customers to your business?
You might have thought that Millennials were tech savvy, but Gen Z blows them out of the water. They are the first true digital natives and have grown up surrounded by technology and social media. What this means for businesses is that if you’ve put off building a strong online presence, now is the time. Develop an interesting and visually appealing website and incorporate AR where possible. And also offer more seamless ways to pay like mobile POS systems.
When it comes to marketing to Gen Z, social media can be a fantastic tool. However, because they have been raised in an immersive digital environment, they’re also more adept at spotting disingenuous marketing. Don’t mistake their youth for a lack of discernment. If you awkwardly try to shift your language and marketing style to mimic the latest TikTok or meme, they’ll know they’re being pandered to. Instead, focus your efforts on being authentic, personable, and witty (when appropriate).
Not only is Gen Z incredibly diverse, they want to see that reflected back to them. Depending on your business this can be applied in many ways. In your marketing efforts, try to use more “real” and diverse people in photos and videos. For clothing stores, look into carrying a broader range of sizes or more gender-fluid designs. And for restaurants, Gen Z is looking for innovative, healthy, authentic, and diverse food. They are already spending more at restaurants than other generations, so broadening your offerings might be what brings them into your doors. Consider incorporating more vegetarian or vegan meals. And think a little smaller, as many prefer to build a meal of snacks or appetizers.
Gen Z is incredibly socially conscious. They’re looking for, and are more willing than other generations, to pay more for sustainable products. For restaurants, this could mean sourcing products from local farms or only buying in-season produce that doesn’t have to be transported long distances. For retail, it could be avoiding the more toxic chemicals involved in processing or using water-saving wash techniques. And try to source from certified fair trade regions or U.S. manufacturers.
Given that Gen Z has grown up on the internet, they’re incredibly accustomed to doing a bit of research on companies before patronizing them. This means not only who you are and what you stand for, but what others are saying about you. If you aren’t doing so already, please encourage or solicit reviews. Reviews are quickly becoming the difference between a company succeeding and a company becoming obsolete. As a business owner, you need to be more conscious of your brand’s reputation now more than ever. Because even if you’re not paying attention to what other’s think of your business, Gen Z, and their incredible buying power, absolutely is.
If you need the latest tech like mobile POS systems and want more information on how to attract Gen Z customers to your business, contact Holman Business Services today.