Every generation has a title – Baby Boomers, Gen X, Millennials, and now Gen Z. The generation following Gen Z is Gen Alpha, but they are still being born.
It’s time we all take a look at Gen Z because it is rapidly becoming a force to be reckoned with the world over.
Who is Gen Z?
First of all, members of this generation were born between 1997 and 2012 (approximately). This makes their age range from 12 – 28. The older members of this cohort have had the right to vote for 10 years now, and even though 41% of them sat out this last election, they will express their “political muscle” in many ways in the coming years.
Gen Zers are also the most racially and ethnically diverse generation and probably the last one to be majority white. 49% of this group is non-white. Generation Alpha on the horizon will be minority white.
Gen Z has been given a “bad rap” in terms of their work ethic, their so-called “entitlements,” and their unwillingness to conform to how older generations believe they should live and work.
How Gen Z Has Grown Up
The early years included many milestones. They had America’s first Black president and witnessed the legalization of gay marriage. They have also grown up with more diverse family structures – single-parent, multi-racial, and partners of various gender roles.
They do not judge any families, as older generations do, and are accepting of all gender identities and sexual orientations. When openly non-heterosexual, many join an online lesbian, gay, transgender, non-binary, and bisexual dating app to connect with potential partners. They are emboldened in their transparency by many celebrities who are openly non-heterosexual, and they refuse to hide who they are.
Gen Z is also the most highly educated generation. However, they value practical education, and thus, a 4-year college degree is not attractive. They want usable skills, not the general education requirements of most universities. Trade schools, certifications, and online coursework that give them the skills they want are much preferred.
They value work-life balance far more than previous generations and often shun the restrictions and demands of corporate jobs. For this value, they are often dubbed lazy. Nothing could be further from the truth. They participate in the gig economy in huge numbers, and many pursue entrepreneurship (more about that later).
Pragmatism and Financial Mindedness
While Millennials grew up in a boom economy, Gen Zers did not. They watched their parents struggle through the “Great Recession.” Their parents lost their pensions and took huge financial hits via corporate shutdowns and bankruptcies. Add to that the COVID pandemic and the resulting economic consequences, and it’s no wonder this generation is coming into adulthood a bit shell-shocked from all of these things.
As a result, Gen Zers are conservative spenders and want financial stability without “selling their souls” to a company that has no loyalty to them. If they are offered a position in corporate America, they will demand certain guarantees. If those cannot be met, they will walk away. They are then dubbed “entitled and spoiled.”
One of the most interesting things about Gen Z is their enthusiasm for entrepreneurship. While previous generations have believed that starting a business is too risky, Gen Z embraces the idea. They see the idea of being their own boss as highly attractive. And given their digital background, many are able to build a brand online. Even if they start a physical business, there is always a digital component to it.
The attraction of entrepreneurship involves work flexibility, work-life balance, and the chance to begin an enterprise that jibes with their passions and ethics. Many are turning their side hustles into lucrative businesses using social media rather than traditional methods. And they have the technical expertise to do just that.
Gen Z as Consumers
While Millennials have often “talked the talk” about patronizing businesses that align with their social, political, and ethical values, there has not been a great deal of follow-through. Gen Z, on the other hand, “walks the walk.”
When making purchasing decisions, Gen Z is more inclined to research products and services on social media and to take recommendations from actual users rather than celebrity influencers. They will research all of their options and choose those that align with their values of sustainability and company behaviors of diversity, equity, and inclusion. Businesses should be aware that Gen Zers are willing to pay more for products and services of brands that share their values.
Gen Z and Social Media
YouTube is by far the most popular social media platform, followed by TikTok, Instagram, and then Snapchat.
Facebook is still popular, but not like the others. A third of this generation states that they use social media for at least several hours each day. Many report far more. And many have begun their entrepreneurial careers via these platforms, garnering following, funding, and more.
Gen Z and Technology
While Millennials grew up during the explosion of technology, Gen Zers were born with devices in their hands and have never known a world without their use. Every need they have can be met via tech – research and information, shopping, education, work, business startups, funding, and investing.
What All of This Means
Much of Gen Z is still growing up. As they do, though, they will demand much of their leaders – political, social, and economic. They want a world in which everyone is valued and allowed to be who and what they want; they demand attention to sustainability, ethics, climate change, and personal independence and want to lead humanity in those directions.
