Purpose-driven business is a motivator for Generation Z, according to reporting by Entrepreneur magazine. This generation of emerging adults is concerned with the core values and impacts of business operations. But it will take more than a well-crafted mission statement to win over Gen Z; these consumers are astute to the social and environmental influences a business may have.
In fact, Generation Z isn’t fond of monolithic companies entrenched in yesteryear. They have less brand loyalty than prior generations, including Millennials. Gen Z isn’t impressed by brands – they are impressed by “influencers,” being the YouTube and Instagram stars who promote certain products. The problem is, these influencers pitch a never-ending stream of products, and are seldom spokespersons of any one brand.
The challenge for businesses large and small is to identify the common elements that appeal to Generation Z. For example, beauty products used by Gen Z tend to be free of animal testing. This generation also seeks renewable and sustainable products, especially by companies who have demonstrated societal and environmental commitment. This is the key to brand loyalty with Generation Z. If you’re making the world a better place, Gen Z shoppers will reward you with their purchase!
As such, consumer “peer pressure” could drive businesses to make substantial changes and adjust marketing strategies in the years ahead. Much depends on how Gen Z’s spending stacks up.
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