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
Gen-Z, the generation born around XNUMX - XNUMX, is currently in a state of upheaval: whether it's graduation, an internship, university studies or a new job. But now comes the Corona Crisis and throws the plans of an entire generation off course. Apart from 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
Currently, the generation already makes up a large part of the global consumer market. According to a McKinsey report, Gen Z will represent XNUMX% of all global consumers in XNUMX. They also place new demands on high-end brands. During the pandemic, brands should also be cooperative as well as transparent in supporting people. How is this supposed to work?
Social values, transparency and the creativity of Gen Z for success despite the crisis
Surveys of Generation Z consumers suggest that companies need to respond to the crisis by leveraging their community as well as supporting their employees without acting opportunistically. Interactive campaigns as well as collaborations can foster connections with Gen Z customers who fear missing out on important life events. Because young people are natural digital creators, brands can therefore work with Gen Z consumers during this time to create inspiring new content.
How companies respond can thus permanently define their relationship with this important consumer group. To engage with Gen Z consumers now, brands should therefore leverage social media activations and marketing campaigns. Authenticity and financial as well as moral support are important here. For example, public commitments to support disadvantaged communities are perceived as positive and can be understood as a guarantee of success for Gen Z sympathy.
These are the favorite brands of the trendsetting generations
Visual Capitalist shows a 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 these were even able to record greater growth in profit 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 various categories are particularly popular among Generation Z as well as Millennials. Those who want to continue to appear in this ranking must bow to the wishes for transparency, helpfulness and support of their employees and customers, as well as creativity in the area of content creation, and may look for common paths.
Rank - Company - Initiate Score - Industry
- Disney - 68.1 - Media and Entertainment
- Apple - 65.3 - technology
- Sony - 65.0 - technology
- YouTube - 64.4 - Media and entertainment
- Mercedes - 64.0 - Automotive
- Trader Joe's 59.9 Groceries
- Netflix - 59.7 - Media and Entertainment
- Sega - 59.2 - Media and Entertainment
- Android 59.0 technology
While GenZ are plagued by worries about missing out on some of the most important events of their lives, brands are encouraged to address their concerns as well as desires. Creativity is needed here, which can lead to campaigns that go viral - both positive and negative. Brands therefore need to see this time as an opportunity for collaboration and resulting customer engagement with GenZ.