How is the Gen Z different than Milleneals?
Thank you for your question on how the Gen Z is different from the Millennials. The short version is that Generation Z is less focussed, more broadminded and better at multi-tasking when compared to Millennials. They are focussed on pursuing their dream jobs and have an entrepreneurial flair compared to millennials who prefer a job that provides financial stability. Generation Z is much more private and prefers Snapchat and Secret compared to Millennials who prefer Facebook, Twitter and LinkedIn.
The most useful resources that helped in this research are the articles from Forbes and Huffington Post.
Below you can find a deep dive in to my findings.
For this research, I checked various articles from trusted media sites, corporate websites and industry reports and collated information from them. I have categorised this research in to six parts namely- Characteristics, Financial Matters, Employment and Entrepreneurship, Technology, Social Media and Shopping Habits.
Millennials also known as Generation Y refer to the generation that was born between 1980 and 1995, while Generation Z refers to people born between 1996 and 2010.
The Millennials grew up and started their career at a time when almost everyone except the third world countries started having internet connection and computer. It is during this period that internet giants like Google, Facebook, SalesForce.com, LinkedIn, EBay, PayPal came in to existence. Lifestyle started changing and the concept of freelancing, work-from-home and flex-time started gaining acceptance.
Generation Z on the other hand is still too young with the youngest of them being 7 years old and the oldest being 21 years of age. They make up 25.9% of the population of the United States and contribute $44billion to the American economy.
The following as some of the differences between Gen Z and Millennials when it comes to their habits and characteristics.
1. Gen Z is considered to be less focussed than Millennials. This is because Gen Z is accustomed to apps like Snapchat and Vine where information is processed very fast. Hence, their attention span is considered to be significantly less than the Millennials.
2. Gen Z is considered to be better multi-taskers as they are used to doing their work amidst distractions from TV, social media, private messaging apps and such. Hence, they are supposedly more quick and efficient in shifting between work and play.
3. Gen Z is more broadminded than Millennials. They have come of age at a time when society started accepting same-sex marriage and are used to interact with people from different cultures. Hence, they are more tolerant of racial, sexual and generational diversity and are less likely to follow the traditional gender roles.
4. Analyisng a recent survey of 13,000 high school students, it has been found that today's teens smoke, fight and drink far less compared to the previous generation of Millenials.
Owing to the fact that the Millennials grew up in the recession of 2008, they care more about prices and embrace frugality far more compared to Gen Z. 67% of millennials said they would go to a website to get a coupon while only 46% of Gen Z would do the same. 71% of millennials said that they follow an advertisement online before making a purchase, while only 59% of Gen Z said the same.
However, when it comes to education, a survey has noted that Gen Z is a lot more concerned about the cost of education than the Millennials. Its also predicted that teenagers between the age of 16 to 18 are likely to enter the workforce directly rather than going for higher education and are likely to pursue online finishing schools.
EMPLOYMENT & ENTREPRENEURSHIP
Gen Z seems to be a generation with deep rooted entrepreneurial mindset. They seek independent work environments with 72% of teens hope to start a business in the future.
There is also a difference in priority of these Generations when it comes to job satisfaction. While 32% of Generation Z wants to find their dream job, 34% of millennials are looking for financial stability from their jobs. Its also found that 60% of Gen Z wants to pursue a job that has a social impact compared to 31% of millennials. When it comes to recruitment and employment, a Way to Work survey conducted in 2016 showed the following-
1. 34% of Millennials are likely to seek jobs through online job boards, while 27% of Gen Z are likely to pursue that route.
2. 28% of Gen Z are likely to use their personal connection and that of their parents for finding employment opportunities, while only 20% of the millennials are expected to follow that route.
3. 38% of the Gen Z felt that the education they receive helps them in preparing themselves for their career, while only 28% of the millennials felt the same.
92% of Gen Z has a digital footprint. They are very social compared to the millennials. They are also much more addicted to digital devices. About 40% of Generation Z identify themselves as addicts to digital devices.
Gen Z is a generation that immensely values their privacy. For the same reason they prefer personal messaging apps like Snapchat and Secret compared to Facebook and other similar platforms that millennials are fond of.
Its also found that 53% of Gen Z prefer in-person communication rather than private messaging or e-mails.
Owing to the fact that Gen Z was born in to smartphones and laptops, they prefer to do majority of their shopping online, while millennials still do their shopping in physical stores as well as online. Gen Z also expect businesses and brands to be loyal to them and moves to another seller if they feel that they are not appreciated.
Its important for advertisers to know that if for targeting millennials, Facebook, Twitter and LinkedIn are the way to go, Gen Z has to be targeted through Snapchat and Instagram.
Millennials and Gen Z are quite different in various aspects. While Millenials are a more frugal, price conscious generation, Gen Z on the other hand is a generation that is much more technology dependent and privacy conscious.
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