Each generation has its own approach to money. Gen Z, which includes people born from 1997 to 2012, has made their own decisions in the consumer world. They have their own set of concerns and needs, and companies targeting them are wise to invest the time to understand what makes them “tick.”
A big part of this is how plugged in Gen Z is to technology. Most were introduced to websites and even smartphones at a very early age. That’s just one factor that colors the way they look at the world.
Recent research by the company TransUnion indicates that the most widely-held product among Gen Z is a credit card, followed by student loans and personal loans. This is a direct result of some better economic factors in Canada, including consistent GPD growth, lower interest rates and technology changes that have made access better.
The report also states that Gen Z has more credit power than some may think on the surface. When studying risk tiers, Gen Z is found to be 33% “near-prime,” which is better than the 21% in that category when you consider the total Canadian population. Also, half of the Gen Z consumers in the survey had scores in the prime-or-above risk tiers.
A view on what Gen Y and Z prefer
One thing that has certainly changed: younger generations have become important consumers in the Canadian landscape. When you include millennials — who are also known as Gen Y — it becomes a significant part of your customer base.
A report on the Mobile Live news site explores a few of the factors they believe are driving consumer needs for these younger buyers. Here’s a look at what they discovered:
This isn’t a huge surprise. Now that technology makes everything more widely available and at a faster rate, companies must provide convenient access to their products to younger generations. That means investing in a robust e-commerce website as well as prioritizing prompt response times to make sure questions are answered as soon as possible.
Leading with mobile
With both Gen Z and Gen Y credited as being tech-savvy pretty much from their earliest years, businesses need to have mobile e-commerce sites that are easy to navigate, attractive and constantly kept up-to-date.
Making it personal
Customized solutions are something these younger generations have come to expect. Using empathy to learn more about what they want through social media conversations, you can work toward offering a more personal experience. Technology, such as machine learning and advanced analytics, can also help you increase customer satisfaction.
Working with any generation of customers requires a blend of high tech and personalized touch, merging the worlds of convenience and superior service. We’ve made it our goal to bring respect and integrity and to the collections process while still helping businesses reach their fullest potential. Find out more about what we have to offer here: http://debtcontrolagency.social5.net