The move from baby boomers, to Gen-X, to millennials, to Gen-Z has represented countless changes in every aspect of society. Gen-Z in particular is posed to be one of the most ideologically diverse and interesting generations yet.
By 2031 Gen-Z is predicted to overtake millennials in income, representing more than a quarter of all income globally. This makes the generation a major buying force that companies need to consider the shifting interests of.
These interests, simply defined, are virtues. Gen-Z is the most diverse generation in many ways, and prioritizes solid virtues in companies and each other far more than any other generation.65% of Gen-Z research each product before they purchase it, a force that puts a brand's public perception right alongside the quality of a product when considering a purchase. A wide majority of Gen-Z prefer sustainable businesses, ethical, inclusive, and overall scandal-free and well received businesses.
This means Gen-Z will pay more for ethical businesses and strike more against unethical businesses. As Gen-Z continues to grow in buying power businesses need to really consider the changing values of the market.
If that means working to avoid scandals, being inclusive, being sustainable, or just being a net-positive force, any move towards ethical businesses can get Gen-Z’s support. This is big change from the values of past generations, but for many, this is a big change in the right direction.
Infographic by: ravereviews