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제 4 호 Across The Generations, From ‘The Millennials’ to ‘Gen Z’

  • 작성일 2019-12-06
  • 좋아요 Like 3
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Kicker: WORLD (TREND)


Across The Generations,

From ‘The Millennials’ to ‘Gen Z’


Generation Movement: The New Leaders Who Are All Worth It


by Yu-sun Kang, Editor

dbtjs126@naver.com

     

     'Gen Z.' What is this exotic word? As of 2019, it is also the name that will be studied by such superpower companies as Intel, Samsung, Microsoft and LVMH, which are listed on the "100 World Companies." In a superficial meaning, the name is defined as the "population group" after "Generation Y," derived from "Generation X." Generally, people born from 1995 to 2009. As of 2020, about 1.85 billion people, or 23.7 percent of the world's population, belong to this group, according to the National Statistical Office of the United Nation. We will find out in the articleto identify why the Gen Z could be turned into a word that everyone pays attention to, not just an academic or technical word that only economists and sociologists use.
   

     The youngest generation among all of the groups living on a generation of time used to be the chief objective that were always important to scholars and businessmen. But the potential of "Gen Z" is more powerful and unique than any generation used to be. What is the reason? From "Centennials" to "First Digital Natives," "The Founders" or "Teenpreneurs" are all other names to call this Gen Z. As can be inferred from these names, they tend to be young creators who make something new, independent entrepreneurs and the first mobile indigenous people. They are the first digital population to see and understand the world through artificial intelligence mobile phones, which they have used since childhood, and are usually connected to mobile phones for an average of more than 10 hours a day. These acts serve as channels for them to learn and gain business sense and insight indirectly. 

     In this way, the cultural capacity and potential of Gen Z, who spend half of their day through mobile phones, can only be seen as vast and powerful, from online to offline. Also, this tendency has a tremendous impact on the conglomerates that dominate media and entertainment at present including Netflix, Instagram, YouTube, Google and Amazon with Gen Z acting as collaborators, a number of experts and marketers of the companies have defined specific sides of Gen Z for establishing better strategy, and the results show why and how attractive Gen Z has become as a more exclusive and unique group.


▲ Illustration to express the diversity of Gen Z as known as the digital natives 


1. Gen Z loves diversity


     Mobile phone usage of Gen Z is more than 10 hours on average as we said earlier. While living a 'Hyper-Connected' life, they can understand people from different backgrounds and try to break away from stereotypes through an Internet-connected world. Also they want to share their feelings, thoughts, culture and particular behavior with a large number of people, so they spread and share them in a very short time through various media or entertaining applications and create new small cultures from that too. From here, some of behaviors for preference and derivative cultures that they use newly are created, enabling a business from a more new perspective. This also becomes a huge driving force, moving the Gen Z group and gathering it more tightly. And these little movements create a huge mainstream culture later on, becoming a new indicator of Gen Z after all. 


2. Gen Z loves '-Self'


     Gen Z has a tremendous impact on successful marketing, but they are a very difficult group to succeed in a particular strategy. Because they are quite different from the previous generation, The Millennials. Literally, it is also the most 'unexpected' group. Gen Z breaks the common sense of 'uniformity' that has been seen in previous generations. They enjoy 'the beauty of the individual' and value their own individuality and style which also means they don't show much sense of belonging, expectation or dependency. 

     The Millennials and their predecessors want to create their own unique identity by putting on items of brands that already exist, while the Gen Z prefer indie brands that conform to their style. The identity they created has expanded extensively through media and SNS, forming diversity and leading trends. And this diversity has allowed many companies to create more diverse and interesting businesses. Therefore, it has been much easier to form and broaden their own identity by using 'customizing' items or systems exclusively for them.


3. Gen Z wants its own business


     Gen Z is 'open minded' who love adventure and experience. They do not want a permanent and disciplined system. Recognizing themselves as one of the economically active population, they want to start economic activities independently at an early age. In fact, the former generation, The Millennials, account for about 51 percent of the total, and Gen Z, 64 percent, according to the latest statistical data 'Deposit Account Retention Statistics' by "Business Insider." The Z generation, which indirectly experienced stagnant wages and high student loans, has come to value money, and a clear economic concept is in place. In fact, about 77 percent of Gen Z generation in the U.S., aged 14-21, are already said to be making money on their own. With this added sense of adventure and value for money, they are ready to create their own business. They participate in the field themselves, experience processes, and build insights. Rather than looking up and following them, he or she looks and learns from people of his or her own age instead of going through difficult and complex steps of doing business, they want an easy, simple, but absolutely attractive business.


     These three categories are defined and widely used as the most basic features to lead a smart marketing style to fascinate the unique and exclusive Gen Z. But this article is not just for aiming to track the characteristics, traits, values, and trends of Gen Z and try to develop in-depth statistics, facts, and marketing strategies for what will soon become the largest consumer group. They are the leaders of the next world. We all have to recognize and focus on them. Because if we know them, we can also see how our world can change brighter and more beautiful.


Sources:

https://www.businessinsider.com/generation-z

https://www.thinkwithgoogle.com/intl/ko-kr/marketing-resources/data-and-measurement/%EB%8D%B0%EC%9D%B4%ED%84%B0%EC%99%80-%EC%9D%B8%EC%82%AC%EC%9D%B4%ED%8A%B8%EB%A1%9C-%EB%A7%8C%EB%82%98%EB%8A%94-gen-z-%EB%AC%B4%EC%97%87%EC%9D%B4-%EB%8B%A4%EB%A5%B4%EA%B3%A0-%EC%96%B4%EB%96%BB%EA%B2%8C-%EC%BB%A4%EB%AE%A4%EB%8B%88%EC%BC%80%EC%9D%B4%EC%85%98-%ED%95%A0-%EA%B2%83%EC%9D%B8%EA%B0%80/

https://www.forbes.com/sites/deeppatel/2017/09/21/8-ways-generation-z-will-differ-from-millennials-in-the-workplace/#1c837ef276e5