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"Missing from the conversation on how to understand and best serve consumers, clients, and marketplaces now is statistically accurate data that specifically uncovers how generations have changed and adapted their specific online behavior during the last year, including throughout the pandemic, and trends and behaviors that will shape the next 3-5 years following the recent surge into the digital world," said Jason Dorsey, President at The Center for Generational Kinetics. Recognizing the outsized impact and influence of Gen Z and Millennials as trendsetters is why it is critical for leaders to separate generational myth from truth about them as customers and then take the appropriate action. Failing to adapt to these influential trendsetters at this critical time eliminates two potent drivers of growth but also means you run the risk of losing existing customers, too. Understanding and winning Gen Z and Millennials now leads to winning every other generation, too.
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Business leaders who adjust their approach to match these new market realities will have a tremendous advantage in reaching their customers now and into the future. To win more share of wallet from Millennials today and Gen Z's $143 billion spending power, companies will need to create new customer engagement experiences powered by responsive, modern, scalable businesses and technology.
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With the resurgence of the economy and unprecedented spending, their influence grows every day-and will continue to do so for decades to come. Millennials and Gen Z are already a powerful economic force. Generation Z Study 2021 (Graphic: Business Wire)