MEDIA RELEASE: July 1 2022: – New proprietary research from global consumer insight agency InSites Consulting reveals how brands can communicate and collaborate with this hyper-informed generation. Accounting for one third of the global population, Generation Z have a collective disposable income expected to reach $33 trillion over the next decade. Brands cannot afford to ignore this generation; in fact, the future of businesses depends on them.
Gen Z (born between 1997 and 2012) is an activist generation, a trait which comes to the fore when making purchase decisions. In Australia, they value brands that care about their employees (68%), are authentic (57%), and care about their own values as consumers (56%). In fact, 59% of Gen Z in Australia believe that brands should help people to live a better life.
This desire to tackle social issues is also reflected in Gen Z’s purchase choices. Gen Z in Australia is willing to pay more for brands that are black- or female-owned. Moreover, they are willing to pay more for brands that try to have a positive impact on society (63%) or run their business in a sustainable way (57%).
Joeri Van den Bergh, NextGen expert at InSites Consulting, explains why brands should take note of this new insight into Gen Z: “This is a very important generation that will bring about change in society, not only because they want to, but because they have the skills to do so. Gen Zers are much more vocal than their predecessors, but they are also vulnerable and are growing up in difficult times. They have an enormous need for guidance, especially from brands.” Gen Z scores significantly lower on happiness indicators, and 46% feel (highly) stressed which is mostly related to mental health (56%), studies or jobs (49%), or financial worries (47%).
Despite growing up against the backdrop of social upheaval and climate change, Gen Z has a more positive attitude towards brands than older generations: 88% of baby boomers in Australia believe that brands and companies always seek to make more profit, compared to 63% of Gen Z. Even in the world of social media, this tech-savvy generation views big brands with more lenience: whilst 84% of baby boomers in Australia believe that social media companies have too much power and influence, only 57% of Gen Z agree.
There is an opportunity for brands to collaborate with this woke generation, on their terms: Gen Z in Australia feel it is acceptable for social-media sites and brands to use personal data to develop better products and services (46%) and service consumers better (42%). Meanwhile, 41% are willing to exchange some personal data for free services, discounts, or goodies.
Van den Bergh concludes: “The role of brands is more versatile than ever: as life coaches, as drivers of change and innovation, and as a means for Gen Z to express themselves. More than ever, brands have to stand for something meaningful and put that into practice.”
This new study will be unpacked further on Tuesday, 2 August June at 12pm AEST. Join Joeri Van den Bergh from InSites Consulting as he highlights how Gen Z consumers in Australia are already shaping future behaviour and influencing brands. To register, please visit https://events.insites-consulting.com/registration-genz-au
To explore the study in more detail, download the Australian report ‘Ready for the Zoomers?’
ABOUT the Gen Z study:
The facts and figures in this press release are based on a study conducted by InSites Consulting in February 2022, among 1,075 respondents aged 18+ from four generations (baby boomers, Generation X, Generation Y and Generation Z) in Australia.
Website: InSites Consulting