The Era of Gen Z - The reshaping of the economy by the new workforce

The Era of Gen Z - The reshaping of the economy by the new workforce

#extroverts #creative #passionate #market-savvy #mediafocused #entrepreneurial #iconoclastic

The Era of Gen Z - The reshaping of the economy by the new workforce

#extroverts #creative #passionate #market-savvy #mediafocused #entrepreneurial #iconoclastic

Gen Z also known as iGeneration (iGen) or Net Gen, is massive and influential. They are so far the most ethnically diverse, empowered, connected, and empathetic self-starters who want to stand out and make a difference in the world, also referred to as 'Digi-preneurs'. People who were born from 1995 onwards are starting to enter the workforce and earn their own income. As a result, their spending power is growing every day.

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Image source: Hanna Martin Gender Neutral, APM Monaco

They are acutely aware of the environmental, political, and socio-economic problems that societies face today. And according to a study by The National Retail Federation and IBM, they’re “more serious about this” than any other generation. They choose brands that are eco-friendly and socially responsible. They want to impact the world in a positive way and contribute to saving the planet, making the world a better place in which to live. Authenticity is the key with them as they no longer live by words but by actions.
The habits and preferences of this generation suggest that they are more product- than experience-oriented as opposed to millennials. This consumer is no longer the only one who buys experiences, products and services, with newer technologies and access points. He or she is more empowered to take up any role from designing to directing their own products and experiences.

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Image source: Kat Kim Boob Locket

Gearing up to save the planet through Tik-Tok or using YouTube to learn about an employer, they embrace technology as a new way of storytelling. Gen Z customers respond to edgy and visual marketing tactics. Videos -- especially short ones like those created via the social network Vine -- work particularly well with young customers.
What’s different for this generation is not as simple as the internet or technology. Technology is an important component, but what’s changed is this generation’s relationship with culture. They are practical and concerned with building physical communities before they disintegrate under the weight of the Internet. The Internet has been disrupting everything since the 90s. Generation Z wants to put things back together in a way that creates justice for all. They tend to be more realistic not idealistic, seemingly jaded by the challenging economy, terrorism and the complexities of life.

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Image source: Will Wang Yale University, Lark & Berry

Jewellery brands are becoming increasingly conscious of environmental and ethical concerns raised in regard to sourcing diamonds, gold and gemstones. Heavily involved in ethical shopping and embracing second-hand goods, jewellers re-using components, and reviving old items to re-create jewellery for modern times, are wins for them.
Celebrating imperfections and diversity, they are gender neutral and gender aware. They are fluid, in the era of gender empowerment brands. They seem to tap into unisex jewellery as Gen Z start to drive self-purchasing and gifting along with Men's jewellery. Their action of 'buying' is directly related to their thoughts of impacting the planet, society and hence their own worth. Gen Z have created a new Cultural Currency that values uniqueness, authenticity, creativity, share-ability and recognition.
A report by De Beers suggests that around 60% of millennial and Gen Z women search the internet prior to purchase to learn about diamond designs, quality, and pricing. Being transparent about what they are buying, and at what price-point, is a useful tool to build trust. With brands being transparent, they will splurge, if it's worth it.

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Image source: Messika, Oromalia

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