The financial habits of Generation Z. What you need to know

Zoomers are entering the labor market — young people under the age of 28, who are already beginning to play a significant role in the economy and are becoming the main object of interest for marketers. In the 2030s, it is expected that this generation will determine the main consumer strategies. What features distinguish Generation Z and how business marketing strategies are changing to attract this category of customers — in the Izvestia article

Generational theory

The theory of generations was formulated by American writers William Strauss and Neil Howe. It assumes that people learn the basic values and attitudes that guide them throughout their lives in childhood and adolescence. Every 20-21 years, a generation is replaced, shaped by these values, and each such generation has its own characteristic features.

• There is the baby boomer generation (1946-1963), which was defined by post-war optimism, stability and clear rules; generation X (1964-1980), which experienced an era of change and scarcity, which is distinguished by independence and pragmatism; generation Y or millennials (1981-1996), which saw the formation of the Internet and was formed in conditions of freedom of choice and faith in development Generation Z or zoomers (1997-2012), formed in the world of smartphones and instability. The buzzers will be replaced by the Alpha generation — children born in 2013 and later, whose lives are likely to be built around technology, and their main values will be sustainability and self-realization.

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• Critics of the theory point out that the generalization is too strong and the evidence base is weak. They note that in fact, all people change with age, and changes in values are more related to life stages rather than belonging to a particular generation. Nevertheless, the theory of generations has found its application in marketing, personnel management and management.

How to buy zoomers

• Almost the entire period of the zoomers' life fell into the digital age, for which this generation is also called "digital aborigines". They freely use various digital platforms and gadgets and attach great importance to the convenience of purchase — the possibility of contactless payment via an application, an electronic wallet or a QR code. According to researchers, only 30% of zoomers use bank cards.

• The worldview of generation Z is formed on the basis of recommendations from friends and influencers, which could not but affect their consumer strategy — emotions and trends are important to them. While millennials usually study an item for a long time before buying and compare offers to find the best option, zoomers are prone to impulsive spending: a third of Generation Z representatives always make purchases spontaneously.

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• A special feature of Generation Z is the interest in purchasing goods on social networks or on retail platforms where branded and collectible items are resold. This is because zoomers are more likely than the older generation to listen to public opinion leaders and make purchases under their influence. They also use online platforms, but unlike millennials, they mostly browse through offers and don't buy anything.

• One of the priorities of young people under the age of 27 is the environmental friendliness of a product or brand — 53% of zoomers and only 10% of millennials pay attention to this. Unlike their parents, zoomers put their comfort first — they spend more than representatives of other generations on ready-made food, restaurants and delivery, and they prefer renting to buying a home. Video games (47%), clothing (45%) and digital subscriptions (40%) also predominate in the spending structure.

• Experts note the financial literacy of zoomers — they watch videos with financial advice, are interested in investing in digital assets, and use promotions and discounts much more often than the older generation. But there is a significant difference in setting goals: if millennials rely on large purchases — cars or real estate, then zoomers prioritize passive income, providing a financial cushion and freedom in choosing a job and lifestyle.

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Changing the trading strategy

• Businesses are already rebuilding their marketing strategies in order to build brand loyalty among the generation that has already entered the labor market and is beginning to play a significant role in the economy — according to Rosstat, this is more than 24 million working-age citizens. By 2036, their share in the economy will increase to 29.7%, and they will determine consumption trends.

• To attract the interest of zoomers, businesses are exploring social media — there is already a trend towards interactivity and attracting consumers using approaches typical of computer games and other marketing tools. In advertising, the focus shifts to whether a product belongs to a particular niche and trend. Businesses will also have to take into account zoomers' priorities regarding environmental friendliness and brand ethics in their long-term strategy and work for their reputation.

• The battle for zoomers is not accidental — they are more likely than representatives of other generations to remain loyal to one brand, especially when it comes to caring for children or pets. In the animal feed category, the level of brand loyalty among generation Z turned out to be a record — 43% remain loyal to a particular brand of product. The interest in products that are produced under the labels of retail chains remains a persistent trend. If earlier the choice of such products was determined by a cheaper price, now they have become a real alternative to brands in the spending of zoomers.

• The focus is on improving the quality of service, from payment terms to delivery speed. The changes will also affect packaging — this trend has already been picked up by the retailer's own brands, which adhere to a concise aesthetic in product design. When choosing products for zoomers, a high—quality "picture" and detailed information are important, as well as application recommendations, and only after all these factors is the discount amount.

During the preparation of the material, Izvestia interviewed:

• Anna Karpycheva, an independent financial advisor;
• Alyona Nikitina is an expert in the field of personal finance management, financial consultant, CEO of the Organization of Personal Finance company.