Millennials (Gen Y) vs. Gen Z Consumer Behaviors: What Brands Need to Know
Bangkok, Thailand, 23 Nov 2021 — Thailand has reopened its market, and commerce is revving up its engine with promotions for the holiday season and preparations for the next year. Management, marketers, and brand owners will be re-visiting data on consumer behavior as they make their plans for 2022.
The Millennials are presently the world’s largest adult generation. There are 1.8 billion people on the globe, accounting for 23% of the total population. Asia is home to one-quarter of the world’s millennial population. Because Generation Z and late Gen Y (Millennials) are young adults and digital natives, there is a widespread misconception that they are virtually the same.
Each generation has its distinct traits. World developments have influenced them; they, in turn, affect the world with their footprint. Understanding consumer behavior is essential to assessing and comprehending the patterns and motivations that underpin buyers’ behavior.
Here are key findings from Brandnow.asia based on its secondary research.
Pacharee Pantoomano, the MD of Brandnow.asia, explains, “The significant differences between the generations are that Millennials grew up during an economic boom and Gen Z grew up during an economic contraction, and this impacts the generation’s consumer behavior.”
Millennials place high importance on trying new experiences and would pay more for premium customer service. Generation Z is more focused on saving up money and finding the best deals. Millennials tend to be team players, enjoy being social, are very family-oriented, and want to meet their parents’ needs. Generation Z is more individualistic and independent due to their competitive nature. They want to manage and control their environment and their tasks by themselves. Both generations are different in the workplace. Millennials are more motivated by freedom, flexibility, and job opportunities than their parents. Comparatively, Gen Z wants job security, stability, and a steady pay rise.
The two generations do share a lot of characteristics in common. Both Gen Y and Z have an entrepreneurial mindset, which means they are innovative, communicative, and highly driven while also being open to risk and failure. Furthermore, both generations aspire to own their own business. As digital natives, both groups are multitaskers and easily switch between devices.
Pacharee shares, “Gen Y and Gen Z are interested in sustainability. They feel that brands should do more than sell and promote their products. High on the value list are brand ethics and corporate social responsibilities. Brands aligned with these values are likely to be more successful at attracting these two groups.”