Recently, we had our Digital Transformation Summit where Kathy Sheehan with GfK Consumer Life presented on the consumers of the future, Generation Now. Here’s a recap of that topic.
Generation Now (Gen Now) is a group of consumers between the ages of 15-24 years old, also referred to as Generation Z or Centennials. By the year 2020, these consumers will account for a third of the entire global population.
An estimated $830 billion has already been spent by, or on, this generation to date, giving them significant economic power. Therefore, Gen Now is a population segment that your business should be paying attention to because they are shaping the future of commerce.
So, who exactly is Gen Now and what do they value? Several cultural markers help define this generation who is often touted as living the smart life.
Gen Now is inherently creative, diverse, and equality is important to them. They love to think outside the box, as their creativity factor propagates incredible ambition. This generation loves to set goals and achieve them, so they are very purposeful and driven.
Gen Now is technologically integrated, meaning it is more than a lifestyle or being immersed in technology. Technology is fully integrated into the fabric of their lives. Businesses who want to reach them on a personal level must incorporate advanced technology into their customer experience.
Gen Now doesn’t have the same cultural markers as Millennials or Baby Boomers. Adventure, sex and being youthful are on the decline across this generation. Self-pressure is found to be the leading stressor for this group.
Characteristics of a Gen Now Consumer
The next generation of home buyers is socially tolerant and wise beyond their years. They are savvy and pragmatic shoppers who are socially sensitive and have a strong sense of self. As digital consumers, Gen Now people are brand conscious, but they are not brand driven like other generations. It is very important to Gen Now that they get a good value for their money.
This generation values digital security, including privacy checks on social media. They are much more cognizant of privacy and security as a group. Gen Now members are more likely to put a cover over the camera on their laptops and go incognito on their browser.
The percentage of young people intending to purchase a home in the next couple of years is on the rise and they are saving the money to do it. There has been a subtle pivot in messaging to Gen Now, from focusing on the product itself to concentrating on how that product can empower an individual. A large portion of this group admit they are willing to pay more for products that simplify their lives, ensuring convenience is still a major purchasing factor.
Smart home technologies are on the rise for this generation to propel the connectivity element. Optimizing energy usage and appliance communication are attractive to Gen Now because they speak to the pragmatic, secure and convenience drivers of this group.
To learn more about the next generation of home buyers, take a look at Kathy’s presentation from DCX. If you are not already thinking about the next generation of home buyers, then you are behind the eight ball.
Contact BDX today to find out how we can help you grow and transform your business.