Generation Y, also known as millennials, were born between 1981 and 1996. Generation Z, also known as post-millennials, were born between 1997 and 2012. Both groups are currently in their twenties and thirties.
In the present time, millennials and Gen Z are the largest demographic in the workforce and they are shaping the future of work and consumer behavior.
Millennials tend to value flexibility and work-life balance, and as a result, many have turned to freelance or gig work, or have started their own businesses. They are also more likely to prioritize their mental and physical well-being, and as a result, there has been a rise in the demand for wellness products and services.
Gen Z, on the other hand, is the first truly digital native generation. They have grown up with smartphones and social media, and as a result, they have a strong online presence and are comfortable with e-commerce and mobile technology. They are also more socially and politically aware, with many actively advocating for various causes and movements. This have a great impact on the industry and it’s shifting their marketing strategy.
Both millennials and Gen Z have also been affected by the recent economic downturns and high levels of student loan debt, making them more financially cautious and less likely to take on traditional forms of debt, such as mortgages. This has led to a decrease in homeownership among these groups and an increase in the number of adults living with their parents or renting.
In terms of their consumer behavior, both millennials and Gen Z prioritize experiences over possessions, and are more likely to spend money on travel, dining out, and other experiential activities. They are also more likely to be loyal to brands that align with their values, such as those that prioritize sustainability and social responsibility.
Overall, millennials and Gen Z are driving changes in the way we work, consume, and live. Their values and behaviors are influencing industries and shaping the future in meaningful ways.