PEOPLE
When we think of the collective term ‘people’ many of us will have our own interpretation depending on our background, community, and beliefs. It’s very easy to use the word ‘people’ as a generalisation for all human beings, however it’s important that we consider people in relation to their generation, particularly when observing actions, to identify future trends and patterns. This generational gap between individuals can be used to explain differences in worldviews, politics and actions observed among different age groups.
Generation Z comprises people being born between 1996 and 2010. Known as ‘digital natives’ (Henderson, 2023), Gen Zers share similar characteristics that previous generations don’t possess. Perhaps this is due to the exposure to a world without internet, coupled with living through a worldwide pandemic and a cost-of-living crisis (Henderson, 2023), it is of no surprise that Gen Zers are of large researcher interest.
Gen Zers are situated in the lower income bracket in the working world, understandably due to their age (Henderson, 2023). However, this does not mean to say Gen Zers have failed to become ‘money smart’. In fact, ‘63% of this group want to save more money over the next 3 months’ (Henderson, 2023). As a result, we see a rise in spending patterns in travel, as Gen Zers value the importance of adventure and experience rather than ownership of a physical product (Henderson, 2023). Brands must accept these generational changes and must invest in ways to tailor their products and services to focus on enriching day-to-day lives of Gen Zers (Mckinsey & Company, 2023) This would differ to what brands what have done previously to attract other generations such as, creating a product or service of high value and luxury which millennials would potentially splurge out on (Mckinsey & Company, 2023).
From a brands point of view, marketing to Gen Zers involves a whole new target audience and implies different approaches in relation to the 4 P’s (product, promotion, distribution, and price) then previous generations. It is imperative a brand considers how they might attract the Gen Z audience. Brands must coincide their USP’s to fit Gen Z so that consumers can fulfil their search for authenticity through freedom of expression and a greater openness to understanding different kinds of people, both are concepts that are rooted in the values of Gen Zer’s (Francis, T. Hoefel, F. 2018). This is about creating a strong brand image that is consistent both in reality and marketing. In essence, a brand which does what they say they do.
For fashion and retail focused brands to succeed, the need to have a strong online presence and to be well established in terms of being sustainable is most important to attract the Gen Z audience (Moran, 2023). Online promotion is hugely beneficial for brands because it allows companies to reach Gen Zer’s fast. However, brands need to be aware of the risks that come with social media. For example, meanings of text and images can be easily misinterpreted which could be detrimental to a brand’s reputation and image. To avoid this, brands must create campaigns and posts with clear, positive messages and to be mindful when addressing controversial topics.
With Gen Zer’s having their own views on diversity, it is important to consider ways to include all diverse groups both internally and externally within a business. Campaigns such as ‘Rihanna’s Savage x Fenty Vol.4 was staged in California in November 2022 (Cassidy, 2022), were created to celebrate diversity and inclusivity.
In the highly competitive fashion industry, leading individuals must develop strong people skills such as good communication and negotiating skills, to keep brands relevant and attractive to their target audience. Being able to communicate with customers enables brands to convey their visions, key messages and corporate aims to people which assists with the identification of the point of differentiation. Without this, key brand messages may become lost within their marketing and therefore may fail to reach new potential customers in new markets (market development). This may lead to decreases in sales revenues for fashion brands which could be hugely impactful on business performance.
Reference list
Henderson, A (2023). ‘7 characteristics of Gen Z in 2023’, Marketing Blog. Available at: https://blog.gwi.com/marketing/generation-z-characteristics/ . (Accessed 13 October 2023)
‘What is Gen Z?’ Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z#/. (Accessed 20 March 2023).
Francis, T. and Hoefel, F. (2018) ‘true gen’: Generation Z and its implications for companies, McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies (Accessed: 12 October 2023)
Moran, G (2023). ‘Gen Z and millennials 2023’, Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2023 . (Accessed 13 October 2023)
Cassidy, I (2022). ‘What went down at the savage x Fenty Show’. Available at: https://notion.online/savage-x-fenty-show/ . (Accessed 13 October 2023)
Figure 1 – https://notion.online/savage-x-fenty-show/