Chris Cavanaugh (@Cavanaugh_CMO) is the executive vice president and chief marketing officer for Freeman, which was recently ranked as the largest global event marketing company by Ad Age.
Hold on to your hats—just when you got to know millennials, the next generation of consumers is already coming into its buying power.
Generation Z, born roughly between 1994 and 2000, is a sizable group at nearly 25 percent of the United States population. The young men and women that make up Gen Z will be your next consumer, event attendee, or employee.
These kids grew up during the Great Recession. They watched their parents lose jobs, stood by as neighbors foreclosed on houses, and have witnessed the real affects of global warming, war, income inequality, and general dismay in the world. As a result, this has shaped how they see and interact with the world and what they expect of themselves and others.
Their environment has shaped them to be socially engaged, philanthropic, and empathetic. They are community-driven. But they are also cynical, rebellious, and weary—even distrustful—of brands and companies. Name brands, gadgets, and cars are no longer a status symbol. Effecting social change, engaging in global communities, and once-in-a-lifetime experiences are the signs of Gen Z affluence.
There is a lot that marketers can do to cater to Gen Z. Brand experiences and the live event space is the perfect playground for them. But a word of caution: do not oversell, over market, or oversaturate Gen Z. They are self-educated and have no time for jargon or nonsense. They are most intrigued by paths of self-discovery and authentic, incredible experiences.
The research is fresh, and the new next generation is only just forming their buying habits and behaviors. Smart event marketers will get ahead of it and start planning for Gen Z now.
Curious for more insights on Gen Z and how to engage this generation? FreemanXP published a piece on the topic in June; you can download the paper here.
Disclaimer: The views and opinions in this article belong to the author, and do not necessarily represent those of BizBash.
