The title of entrepreneur is often synonymous with innovator, passion pursuer, go-getter, and visionary. Having the ability to see beyond the here and now is a crucial part of being a successful business owner for the long term. As theBLOQparq (tBp) prepares to house the dreams of countless individuals looking to join the “be your own boss” club, we keep past, present, and future generations in mind. Before you solidify your business plan or craft your brand identity, here are a few things you would be wise to consider.
The Differences Between Gen Zers And Millennials
On a timeline, members of Generation Z (born 1996 to 2012) and millennials (born 1980 to 1995) may appear to be connected. But in reality, there is a disconnect between the values and habits each group of individuals maintains. As Gen Zers begin to enter adulthood, gain more purchasing power and continue to come into their own, entrepreneurs need to be aware of the disparities between Generation Z and the millennials who preceded them.
According to The new age of the consumer, a research report conducted by McKinsey & Company, American Gen Zers and millennials differ in the following three ways.
1. An affinity for in-person purchases
It should come as no surprise that Gen Zers are very tech-savvy and spend a lot of time online. However, when it comes to shopping, they are more likely to opt for the offline experience. Despite the convenience of putting things in a cart straight from their smartphones, this generation is going the old-school route and supporting brick-and-mortar stores. On the other hand, millennials are habitual online shoppers. They were the first generation to grow up with that option, and it looks as though they are going to stick with it for the foreseeable future.
2. The desire to be original
Getting caught up in trends, obsessing over brands, and trying to fit in with the crowd is not of any interest to Gen Zers. Authenticity is what speaks to them. As a group, they appreciate products and services that are unique. For this reason, finding ways to differentiate yourself from the competition will be very important when trying to appeal to this target demographic. Although millennials appreciate one-of-a-kind finds, they tend to align with the majority when it comes to their buying habits.
3. Placing big value on the little things
Source: Mckinsey.com
In the hierarchy of what matters most, Gen Zers care about experiences more than material items. That being said, sometimes the two go hand-in-hand. When it comes to hobbies and making their home a haven for meaningful moments, members of Generation Z are willing to splurge. It’s all about enriching their everyday lives. Millennials also place value on experiences, but not the same kind. They find fulfillment in things like vacations or purchases that may not be used on a daily basis but that create memories to last a lifetime.
The major players behind the purchasing habits
Although the percentages and order vary depending on the particular age demographic surveyed, the top three factors influencing what Gen Zers and millennials buy are:
- Opinions of friends and family
- Social media channels
- Online review, blogs, and company websites
As these cohorts mature and gain more purchasing power get older, retailers and small business owners will need to pay attention to what resonates with this up-and-coming audience of potential customers to build successful strategies.
Where does tBp fit into all of this?
With our overarching live, work, play, thrive concept, we are sure to touch upon all the factors that matter most to GenZers and millennials. Our micro-retail, office, and residential spaces are guaranteed to impress those looking to be inspired. tBp is all about inclusivity. Creating an atmosphere filled with positivity, enlightenment, and meaningful experiences is a top priority. We will be a destination where individuals come to be a part of something greater. Simultaneously finding ways to give back and pay it forward, proving it’s the micro-things that matter most.