On Wednesday 8th March I attended Marketing Week Live at Olympia Central in Kensington. There were presentations throughout the day and I managed to sit in on some interesting talks and visited various stands from merchandising to optimising your email marketing language.
One session I found particularly insightful was ‘Not another presentation about Millennials: How do the new kids on the block – Generation Z – think, communicate and spend?’ by Michael Murray, Associate Director, Research Now.
Given Facebook was just taking off when I was at University I found it fascinating to see how far it has progressed and learn the effect social media has on today’s younger generations who are surrounded by social media and smartphones. The key focus of this presentation was defining what Generation Z (16-21 year olds) buy and how best to engage with them. It was suggested that Generation Z are simply a continuation of Millennials (18-24 year olds) and that the age groups may need to be reconsidered.
A few things that stood out for me were that the research suggested 73% of Generation Z would stay at home and watch Netflix as they would prefer to save their money for bigger events such as festivals rather than go out on a regular basis. 40% of Generation Z thought ‘online’ friends were just as important as ‘real’ friends. In terms of spending the research found that the demographics biggest expenditure was Food (77%), then Drink (59%) and lastly Clothes (46%) which was interesting as they are a very fashion conscious generation.
The talk also introduced me to the condition ‘No-mo-phobia’ which is the fear of not having a mobile phone. I’m sure many of you can either relate to this or have seen people panic when their battery is only on 15%. OMG! It was found that 53% of Generation Z suffer from this.
Murray’s session concluded that the best method to target Generation Z is via social media as they are more trusting of brands on social media.
Overall, the event was a great day out with colleagues to learn about the industry and get inspired. Marketing is constantly changing, with new channels and ways to engage with your audience. I look forward to attending again next year.