For all the millennials who still think it’s them who run the world, it’s about time they had a major reality check and move over, because the generation Z is entering every major phenomenon as we speak, and they are here to stay!
There has been quite a contradiction as to how we can differentiate between Millennials and Gen Z from the birth years, as there are no such precise dates. Despite the confusion, the demographers state that the cohort starts from the year 1995 while some say it’s 1997. So, if you were born in the year of 1995 or later, then it can be safely said that you are a proud member of the Gen Z that makes up 25% of the world population.
Already emerging as the biggest threat to the millennials, the Gen Z purchasing power sums up to $44 billion according to the latest reports and these numbers will only keep rising in the time to come when who are now teens, but soon-to-be adults start entering the workforce. So how different are they from the Millennials? Are they just the same? You are about to get some answers.
The Gen Z differ from the Millennials in so many ways, be it their ways of thinking, patterns of shopping and what not. Regardless of the majority’s belief that they both represent all the same qualities the constant research has proven otherwise.
Gen Z are thought to be more pragmatic than idealistic. They are driven by what is real and practical. Often cited as pessimistic for following this approach but infact pragmatists are known to visualize the bigger picture to eventually get to the result. Millennials are however idealistic thinkers who believe there is always a way for anything.
Gen Z process information much faster since they have been living in a world full of technological advancements while many of the millennials have lived their childhoods without even cell phones, let alone smartphones. However, their span of attentiveness is much lower compared to millennials or any other preceding generation. All the same, people who belong to the generation Z are believed to be better than millennials at multi-tasking. While the latter counterpart needs to put in their maximum effort to one task at a time the gen z are experts in juggling between many, being resistant to any distraction getting in their way.
Gen Z are much thriftier than millennials. Having spent their childhoods in a world with a positive economy, the millennials did not need to give much thought or concern towards economy but gen z, they are very much concerned of it. It is very likely because gen z was born in an era of recessions. Hence, they are very realistic and more likely to start off their careers at a younger age.
Millennials do think that a college degree is a must but Gen Z, not so much. The latter is more in to self-employment and will be the future entrepreneurs. They are much thrifty as mentioned earlier and ‘Student debt’ is not something they would fancy. Millennials, however, are driven by the degree concept despite of the student loans.
Individualism is also one of the things that Gen Z value the most. They are all about representing who they really are, exploring gender norms and doing things that no one has ever done before. Unlike the millennials they have no brand loyalty, they just like to dress, eat and live as it fits and not into lavish spending. Always more vocal about their viewpoints, gen z is working towards social justice and accepting the world as it is.
Gen Z also prioritize privacy more than millennials do. They are conscious and have seen many vicious events take place all their lives from global terrorism, financial crisis to cyber-attacks and think that the world is not such a safe place. They believe the privacy is at stake and take great measures to secure their space.
All in all, millennials and the Gen Z are drastically different, and the latter are all set to outpace the millennials in no time. By 2019,32% of the global population will comprise of Gen Z and consequently will be the biggest contributors to the world economy.
So, let’s set the stage for the new entrants to the world economy and prepare ourselves for the GENERATION Z.
Rtr. Nethmie Pasqual