Millennials or Gen Y are those who were born between 1981 and 1997, and the age range would be 24-40 years, whereas Gen Z, born between 1997 and 2015, and the age range is 6-21 years.
Many marketers mistakenly join them as one group to connect, and they fail to notice that both generations are different in their attitudes, interactions with brand, behavior, purchasing patterns, etc. So, brands should be aware of who to connect with and devise a strategy to reach them.
Gen Y Vs. Gen Z:
- Millennials want more customer experience than Gen Z and are willing to pay more to get a good experience. Hence, if a company wants to target millennials, it should focus on creating instant gratification or pleasant experiences. For targeting Gen Z, they should concentrate on demonstrating how their products or services add value and practical.
- Gen Z is more connected to technology. Millennials went through a period where technologies were coming up like mobile phones, personal computers, whereas Gen Z was born in the period of smartphones, high-speed internet, streaming services, etc., and hence different in their attitudes towards the technology.
- Attitude towards Money, Millennials will pay extra or buy products and services if they provide a good customer experience, whereas Gen Z are more frugal and want products that are valuable and have practical use in their daily lives.
- Gen Z spends more time on mobile phones than Gen Y and also more likely to buy products or services twice of millennials through their mobiles.
- Attention span: Millennials have longer attention spans than Gen Z that is 12 seconds and 8 seconds, respectively. Millennials like to enjoy longer video formats, whereas Gen Z prefers shorter video formats like Instagram stories. Hence, marketers can create slightly longer videos and deep content-driven ads for millennials, and for Gen Z should be precise and give a value proposition.
- Trust towards Brands, according to salesforce reports, millennials are more trusting towards the brands and their services than Gen Z.
- Information of brands and their products, Millennials consume the information through many promotional strategies like social media marketing, traditional advertisements, etc. In contrast, Gen Z consumes their information from videos from social media, influencer marketing, etc. According to one report, only 37% of millennials prefer ads that show actual people promoting brands, whereas 87% of Gen Z prefer this type of ad.
From the above points, one can observe some differences in the attitudes of both generations towards the brands, social media content, and others. So, brands should decide whom to target and strategize accordingly and come with creative content to gain their attention.
At Route2Market, we understand our client’s needs and requirements and help them segment and target the right audience group for their businesses. We help our clients promote their products with the right message content and channel. Optimising the business resources with our expert knowledge.