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Consumer Preferences of Gen Z vs millennials

Consumer Preferences of Gen Z vs millennials

Authored by Novus Insights 04/01/2022

In this day and age, it has become absolutely necessary for brand owners and marketers to be aware of how important it has become to understand your target audience in order to cater to their changing needs, demands, and expectations. Without thorough consumer insight research, no brand can thrive and gain a competitive edge. Two prominent consumer segments that many brands have today are Gen Z and millennials. So, understanding these two audiences has become essential for any brand that has either of these audiences because these two segments perceive marketing campaigns, offers, and brand communication differently. 

The reason why they interpret branding or marketing differently is because they come from different eras. Gen Z is basically the generation of people who were born between 1997 and 2015, and Millennials are those who were born between 1980 and 1997. As a market research firm that has consistently delivered valuable insights to its clientele through a strategic consumer behaviour research methodology, we yearn to share here our detailed view of how millennials differ from Gen Z. Let's dive deep into the preferences of Gen Z and Millennials:

1) Millennials pay more attention to customer experience

As per various studies, it has been noticed that millennials are more likely to pay extra for customer experience, as compared to Gen Z. So, they have high expectations from brands when it comes to the experience they are getting.

2) Gen Z expects more innovation from companies

Since Gen Z users have grown in an era of innovation, they are more inclined towards brands that believe in innovation and creating digital experiences by developing their products or services, as compared to millennials.

3)  Millennials like authenticity more than Gen Z

Millennials prefer brands that maintain transparency and share the values that they have. However, Gen Z users are more into brands that represent trendsetters that they are already into. Millennials are more likely to go for brands that yearn to stay authentic at everything they do.

4) Gen Z is less likely to trust brands

When it comes to trusting brands in terms of how they interact with their audience and how they use their personal information, Gen Z is less likely to trust brands as compared to millennials. So, if your marketing strategy can make Gen Z users put their trust in your brand, it is definitely a successful one.

5) Millennials gravitate more towards online shopping

Since millennials saw that transition from in-store shopping to online shopping, they enjoy the convenience that comes with online shopping. However, Gen Z users like exploring the option of in-store shopping, even though they are also indulging in online shopping quite often.

6) Gen Z believes in individualism more than millennials

Millennials are more likely to be emotionally attached to brands they opt for, as compared to Gen Z. Gen Z users are more into the idea of retaining their individuality and focusing on exploring all those options that resonate with what they stand for. They don't want to be defined by one brand. They are more likely to prefer being known for who they are than what brands they prefer.

7) Gen Z focuses more on saving money

Gen Z users make sure that every penny they spend is worth it. So, they are more focused on saving money, if possible. However, millennials do not mind paying the amount of money required to enjoy the overall experience of buying a product or enjoying a service.

These preferences of Gen Z and millennials are a clear indication of how differently they consume, think, and then make purchasing decisions. This is exactly why consumer insight research is incredibly effective in understanding how you can maximize the impact of a marketing campaign, depending on the audience segment it's targeting. We at Novus Insights, keep these behavioural differences between these two audiences in mind while creating a marketing campaign for our clients, in order to reach out to the target audience efficiently.

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