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Making way for Generation Z
Who are they? How are they different? When we see our younger siblings and cousins trying to tap on non-touchscreen panels and navigating smartphones intelligently with their tiny hands, we know they are the true digital natives.
Being the main target audience for our FRANKpreneurship project, we explored the characteristics key to Gen Z. Only by understanding their motivation, values and behaviour can our group tailor an attractive solution that aligns with their needs seamlessly. Below are top 3 facts about Gen Z that we thought was interesting when researching on this new consumer segment.
1. Short attention span (very short to be precise)
Recent research quoted Fieler has highlighted that the attention span of Gen Z has diminished to a whopping 8 seconds compared to 12 seconds of Millennials on average. Gen Z are used to processing instantaneous information and depend largely on trendy pages to obtain the most popular and relevant content.
Don't misunderstand them however, that Gen Z has difficulty focusing. If the subject is of interest to Gen Z, they can become extremely focused and committed. Surfing the Internet is their second nature which allows them to plunge deep into the subject and absorb everything they wish to know.
If solutions are not presented engagingly or in a big picture with minimal words, you have lost the attention of our desired audience.
2. Living on social media
While Millennials also use social media prevalently and are considered as a digital generation too, the digital evolution occurred during their teenager years, not during their formative years like Gen Z. That is a key difference.
73% of Gen Z is connected within 1 hour of waking up according to Ologie and more than 80% of them learn about new products and trust product information and reviews by others on social media compared to traditional advertising platforms.
Hence to reach Gen Z, it is integral for our solutions to be available online 24/7 and marketed through social media. A two way conversation also helps to cultivate a strong and authentic brand presence digitally, interaction and engagement that Gen Z values.
3. Financially prudent
This may come as a surprise as the youth are generally categorised to be less mindful and responsible over their wealth, since money seems to be an adult matter. However, unlike the Millennials who generally grew up in the era of relative economic prosperity and peace, Gen Z has eyes wide open to two economic crises and a myriad of terrorist attacks while growing up.
Being exposed to the harsh realities of the modern world has shaped the Gen Z to become more pragmatic individuals who understand the importance of managing personal finances well in preparation for rainy days. Solutions that help their career, growing or managing their wealth are in demand to help them fulfil their financial goals.
How do we disrupt the banking world for the Gen Z? Instead of pushing them products and services that they would not demand for, it is crucial for us to see in their perspective to identify their needs. This ensures that the solutions we propose will alleviate their pain spots and be successfully adopted by the future pillars of our society.
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