Who is the Generation Next? Do they really matter? Does the future of brand consumption depend on them? What are their demands?
Answers to these questions have recently been among the hottest topics of discussion in all fields today. It is talked about in fashion summits, tech events, future entrepreneur hunt events, consumer product launches etc. As we enter into the New Year 2018, this is going to turn into an even hotter topic as the Generation Next has already taken over and changed buying habits globally.
Generation Next are the Millennials, Post-Millennials, Gen-Y, and Gen-Z, together they are expected to account for 45 percent of the global market for personal luxury goods by 2025, according to Bain & Company. Millennial generation are those born between 1980 and 1996; Gen-Z starts from 1997 and ends in 2010. An average Gen Z has already reached their teens and is playing a major role in the consumption of luxury brands. If a company wants to move with this fast wave in 2018, they must first understand this consumer and cater accordingly to their needs. The traits for buying and decoding the Generation Next’s personality can be done by analyzing them in the following buckets –
- Generation Next is Super tech savvy. The Gen Z for a matter of fact has not experienced a life without technology, therefore they will only trust the authenticity of your brand online through social media channels. This new age technology has also introduced experiential purchases that can be shared online.
- Generation Next is aware of and believes in transparency. They are ambitious about going out and learning about the brands and want to be sure about where they are investing.
- Generation Next is financially careful. As most of them have experienced the recession, the aftermath of 9/11 and even war, it has made them more self-aware, self-reliant and self-driven.
- Generation Next is entrepreneurial. This means that today’s teenagers are trying new and different options in their lives and thus they want to follow brands that can be a part of their identity. For example, their love for DIY expresses their uniqueness.
To sum up, Vogue China’s editor-in-chief, Angelica Cheung has very rightly defined the Generation Next: “It’s a totally different generation. You need to know how their mind works and how you influence them and who influences them. It’s the ‘Me Generation.’ It’s about my identity, it’s about my feelings, and it’s about how I see the world. They’re not just a younger version of the existing consumer.”