Many businesses and marketers have heard the importance of Millennials and Generation Z to the current world in many respects, especially the retail world, and they have tried to focus a lot of their marketing efforts on these two age groups. The only trouble is that the two groups are very similar in many respects, and close in age range, that it can be confusing on how they differ in order to accurately target them and some use the names interchangeably. But there are differences in the two groups. So just how do Millennials and Generation Z differ?
There is still some disagreement about actual years, but in general, it is assumed that Generation Z, as a group, were born in 1995 or later. Millennials are those who reached young adulthood around the year 2000.
2. Less Focused
With the increase in technology and the popularity of apps, Gen Z can process information quicker than other generations, like Millennials, so they tend to have a shorter attention span.
Though Gen Z may have shorter attention spans, they are quite adept at multi-tasking among all the technology, easily switching between work and play while distractions go on in the background. For example, they can create a document on their school’s computer, do research on their phone or tablet, take notes on a notepad, and finish up in front of a TV on a laptop while chatting with a friend on Facetime. It might not be their best work, but it’s often the way it’s done.
4. Bargain Hunting
Millennials are more of a bargain hunter. They worry more about prices than Gen Z does and will always be on the lookout for coupons and deals. This could be because they came of age during the recession.
Gen Z is a bit more entrepreneurial, thanks to the developing high technology and the highly networked world. They tend to prefer more independent work environments.
Generation Z has higher expectations than Millennials. Millennials can remember playing computer solitaire and dial-up internet. What they see as great advancements in technology Generation Z has pretty much grown up with. They are used to getting things fast and getting what they want. They expect businesses to be loyal to them, and if they don’t feel appreciated, they’ll move on. It’s not about them being loyal to a business, like Millennials.
For Generation Z, individuality is big. They’ve come up in a very social world. The majority of them have a large digital footprint. It’s thought that, because of celebrities and media they follow, they seek uniqueness in things such as the brands they do business with and who they work for.
When the internet first came about, the Millennials were thought to be “global”, but now that even more of the world is networked online, Generation Z has become more global in their thinking, interaction, and relatability.
Growing up in a world with a global recession, war, and terrorism, Gen Z will be a bit more cautious and take fewer risks and seek more stability and security.
Although Millennials are bargain hunters, student debt and depletion of Social Security will make Gen Z a bit more conscious about money.
The troubles of the world today will make Gen Z more pragmatic and realize that opportunities aren’t as boundless as Millennials tend to think and understand the need to learn new skills.
Generation Z wants to work. Having seen their Millennial family members struggle to find a job after college and move back home, many will start early, getting apprenticeships or internships as early as 16 and skipping traditional higher education in favor of online learning.
13. Online Shopping
As much as Generation Z might be online, they don’t do as much online shopping as Millenials. They will shop online maybe once a month. Millennials shop online at least once a month. Generation Z shop in stores more than online because they like to see and feel the product, as well as to get the product faster and avoid shipping costs.
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