Globally we can see that young consumers such as Generation Y and especially Generation Z (people born after 1994) across the world are very different from Baby boomers and other previous generational cohorts. These generational trends are impacting businesses and the way we work, live and shop.
For Generation Y the concept of shopping has shifted from owning stuff to buying into ideas and experiences. The young generation of today tends to prefer ownership before access in a lot cases which has contributed to the success of collaborative consumption platforms like AirBnB, Lendogram, Uber and Taskrabbit. Just a few years ago all of these organisations were small startups and now they are disrupting entire industries.
Below are a few interesting insights about Generation Y and Generation Z in New Zealand.
These new ways of using technology are enabling consumers to make well-informed and smart purchases. As I have written a few times before, today’s customer journey is not shaped by brands, it’s shaped by the consumer. This is fundamentally changing the relationship and the dynamic between the consumer and the brand. The consumer of today has thanks to access to real-time information about your brand and other’s opinions about your brand an opportunity ta make a smart decisions that’s based on a myriad of different sources of information.
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