To emerge stronger from the crisis, brands have to adapt to Gen Z's wishes. A growing group of buyers in transition is demanding transparency and social values
Author: Katharina Healing
The Gen-Z, the generation born around 1997 - 2012, is currently in a state of change: be it a degree, internship, study or a new job. But now the corona crisis is coming and throwing the plans of an entire generation out of hand. In addition to the normal madness of adolescence and the latest challenges posed by the corona virus, the generation is also of great economic importance.
The needs of Gen Z are reforming the luxury market
The generation is already making up a large part of the global consumer market. According to a report by McKinsey Gen Z should represent 2020% of all global consumers in 40. They also place new demands on high-end brands. During the pandemic, brands should also support people in a cooperative and transparent manner. How should that work?
Social values, transparency and the creativity of Gen Z for success despite the crisis
Surveys among Generation Z consumers suggest that companies must respond to the crisis by using their community and supporting their employees without acting opportunistically. Interactive campaigns and collaborations can promote connections to Gen Z customers who fear missing out on important life events. Since young people are natural digital creators, brands can work with Gen Z consumers to create inspiring new content.
How companies react can thus determine their relationship with this important consumer group in the long term. To get in touch with Gen Z customers now, brands should use social media activations and marketing campaigns. Authenticity and financial and moral support are important. For example, public commitments to support disadvantaged communities are perceived as positive and can be seen as a guarantee of success for Gen Z's sympathy.
These are the favorite brands of the trendsetting generations
Visual Capitalist shows one Ranking for the USA from the MBLM 2020 Brand Intimacy Report, which reflects the preferences of Gen Z. This shows which brands can convince with values of transparency, social awareness and customer loyalty. So-called "intimate brands", brands that build emotional bonds with their customers, are particularly popular. Between 2009 and 2018, some of them even recorded greater profit growth than some companies belonging to the Fortune 500.
Source & Copyright by Visual Capitalist - Gen Z / Millennials brand preferences
Top Gen Z and Millennial Brands (18-34)
This ranking shows which brands from different categories are particularly popular among Generation Z and millennials. If you want to continue to appear in this ranking, you have to bow to the wishes for transparency, helpfulness and support of your employees and customers, as well as creativity in the area of content creation and may look for common ways.
Rank - Company - Initiate Score - Industry
- PlayStation - 78.3 - Media and entertainment
- Amazon - 76.6 - Retail
- Target - 68.7 - Retail
- Disney - 67.8 - Media and Entertainment
- Ford - 67.4 - automotive
- Jeep - 66.8 - automotive
- Apple 65.9 technology
- YouTube - 63.0 - Media and entertainment
- Xbox - 59.8 - Media and entertainment
- Nintendo - 56.8 - Media and entertainment
While GenZ is worried about missing out on some of the most important events in their lives, brands are encouraged to address their concerns and desires. Creativity is required here, which can lead to campaigns that go viral - both positive and negative. Brands must therefore understand this time as an opportunity for cooperation and the associated customer loyalty with GenZ.