Generation Zs, otherwise known as “Zoomers”, are constructing lifestyles that suit their individual needs and preferences, from how and where they work, to having the latest furniture and technologies in their homes.
Most Gen Zs are not deeply established in their careers yet, being born between 1996 and 2010, so on the surface they don’t yet have the monetary depth to be able to afford a “have it all” lifestyle. Couple this with the slow disappearance of generational wealth succession, which refers to individuals inheriting assets or money from their parents or grandparents, and it seems even more unlikely that they could afford to fund – and maintain – this kind of lifestyle.
But this is where Zoomers are transforming the face and experience of retail and buying. And knowing how this generation’s expectations of the buying space have transformed, and what their priorities and focuses are, can help brands to connect with them and attract this lucrative market.
They are financially focussed
While Gen Zs may seem to be carefree, they are actually very pragmatic and financially aware. They witnessed their parents struggling through tough economic times, including the COVID-19 pandemic – which many of them experienced as adults themselves. This has driven them to want to build financial security into their lifestyle, which means not laying out thousands of rands for a high-tech TV that they want, or a brand name washing machine, and working very hard to build and sustain their monthly cash flow.
“Instead, they are adopting the subscription model where they pay a (far more affordable) per-month rate to have that TV or kitchen appliance in their homes,” says Jazeign Kesari, National Procurement Manager at Teljoy. “And then, when the trends or circumstances change, or they decide they want the next ‘big thing’ they have the flexibility to upgrade, downgrade or cancel it. This is a very cost-effective way of living a more sophisticated lifestyle, without the huge cash outlays that usually come with it.”
The alignment shift
Zoomers are changing the way they align with the brands they choose. Where once consumers wanted to emulate brand ambassadors, they are now wanting brands to speak their consumer language, cater to their preferences, and align with their values and beliefs.
“The connection and alignment between individuals and brands is shifting ,” says Kesari. “Brands are having to understand their Gen Z customers on a far deeper level than ever before – know what their values are, what they believe in, what drives them on a socio-emotional level. Then they have to tailor their marketing approaches to appeal to the individual customer and make them feel like the brand they are engaging with is talking directly to them. The alignment has changed from brand-alignment first, to individual-alignment first. A brand needs to be an extension of who they are, and what they believe in.”
Show me that you know me
This bleeds into the expectations of Gen Z customers for brands to prove that they know what their customers want and need, and then deliver it in a way that is engaging and memorable. “These new-generational customers are all about authenticity and feeling like a brand really knows and cares about them,” suggests Kesari. “Mass marketing isn’t effective anymore – it’s all about customisation and individualisation. One of the ways that a business can do this is through custom-addressed newsletters. It is a simple tactic, but an effective one when you are talking the ‘language’ of your customer, and delivering consistent and interesting content that they want to read.”
The trickle-up culture
One of the big advantages of marketing to this customer segment is that they are creating a ‘new and better norm’, which older (and younger) generations are taking note of. This makes Gen Zs a highly influential segment, whose behavioural patterns and demands for better service, quicker gratification, faster problem solving, and having a positive impact on communities and/or the environment through what they buy and from whom, influence other generations.
“This is creating a trickle-up culture, where Millennials and Baby Boomers are seeing the benefits of this new ‘buying culture’ and are adopting it,” says Kesari. “And these are the generations that do have savings built up – but are still being careful with their spending. So Zoomers are not only building the lifestyles that they want – they are influencing other generations to do the same.
“The trickle-up culture is having an impact on the expectations of multiple generations in relation to problem solving as well,” adds Kesari. “Time is more than just money – it’s a currency. So the quicker a brand can get the customer back to a smooth and enjoyable experience, the more likely the customer is to be happy with the service and stay with the brand. Teljoy offers its customers free maintenance on all of its products, and will provide a replacement unit whilst the item is being repaired. The aim is to ensure that the customer experience remains smooth and consistent. And this is a big part of the lifestyle that this generation of consumers are not only building, but expecting,” he concludes.
About Teljoy
Teljoy is South Africa’s most loved home appliance and furnishings subscription service. For over 53 yearsTeljoy has been giving individuals and families access to home appliances, electronics and more from big name brands for an affordable and flexible monthly subscription. This helps them to spend less on the things they need for their homes, so that they have more to spend on the things they love. Visit www.teljoy.co.za for more information.
Submitted by Irvine Partners
