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How will consumers change in the next decade?

By Carol Fairchild, commercial director, CitNOW

The next decade’s car buyer is demanding your attention today and Generation Z, born from around the mid-1990s to the early 2000s, is an altogether very different consumer.

Generation Z, who will be in their 20s and 30s in the 2020s, have never known a non-digital world. Growing up in an era of austerity, they pursue truth, demand transparency and are far more pragmatic when making purchases.

A study by McKinsey refers to them as the ‘True Gen’ and video will be vital in delivering the facts they crave. Generation Z are wedded to their phones, so content has to be smartphone-friendly. In our latest research, Evolution of the Car Buyer, we found 75% of 18- to 24-year-olds reach for their hand-held device when researching their next vehicle.

Individual identity is paramount, but they are also happy flowing between different communities, so gaining their loyalty could be challenging.

The good news, though, is if Gen Z thinks your brand reflects their individual identity and the personalisation they experience hits the right note, they are more open to paying a premium price. Plus, their open-mindedness means they are more willing to accept the failings of companies and forgive mistakes if corrected.

Unlike previous generations, who saw brands as a reflection of status (Generation X) or providing a sense of belonging (millennials), Generation Z are ethical. Videos highlighting a brand’s ethics, commitment to human rights and backing of particular causes are likely to resonate. In fact, 70% of respondents try to purchase products from companies they consider ethical*.

Interestingly, almost half (48%) preferred products that are not classified as male or female, compared with 38% of other consumers. This is new territory for marketers, who will need to ensure content does not have a gender bias.

Download your copy of our Evolution of the Car Buyer report at: www.citnow.com/resources/evolution-car-buyer-2019/

*‘True Gen’ Generation Z and its implications for customers,
Nov 2018, McKinsey & Co.

 

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