Nov 13, 2016 06:25 AM EST
The Millennials and Gen Z: Setting the Record Straight
We see and hear it every day: the millennials and generation Z, the founders and players in today's start up economy. Redefining the route to success and living but which is which? Who are the millennials and who belongs to generation Z?
According to the Huffington Post, millennials are those individuals who were in their young adulthood by the turn of the century or the early 2000s. They are also sometimes referred to as the Post-Millennials, the Founders, the Plurals and the Homeland Generation.
Generation Z of the iGen on the other hand refers to those who are born in 1995 or later. These are the true "digital natives" who grew up with smartphone in their hands. To date, in the United States, Gen Z contributes $44 billion to the economy and accounts for the largest percentage of the population at 25.9%.
There are major differences between these 2 groups of people and here are some of them:
Gen Z are less focused
This is the generation that digs Snapchat and are constantly updating their status on social media. They are born connected and are used to going several things at once.
Gen Z multitasks better
Being used to doing a number of things at a time, Gen Z can shift from work to play very quickly. They are able to manage multiple distractions and still get their stuff going. They chat on their smartphones, skimming the pages of their books with the TV open and searching something in their laptop.
Millennials are bargain hunters
Millennials grew up in a time of recession, hence they are very particular with purchases and spending. Compared to their younger counterparts, millennials will take their time, follow an advertisement and research a product before buying it. Once bought they will ask assistance from the help desk or customer service if they have a problem with the purchase to sort it out. If this happened with a Gen Z, chances are they would have cancelled the purchase and moved on.
Gen Z are early starters
These generation are currently reshaping the traditional route for young people. Instead of pursuing college after high school, more and more Gen Z kids are now joining the workforce some at the age of 16, with some of them taking courses and finishing their studies online. Some of them tend to think in more practical terms than millennials when it comes to education. The thought of having years of student debt doesn't appeal much to Gen Z who would prefer other options.
Gen Z are more entrepreneurial
Given their access to information and exploring non-traditional options, Gen Z are more entrepreneurial compared to millennials. While millennials may be the generation of founders, Gen Z also saw the events following the recession and given the choice, they prefer to have their own businesses than work for others.
Gen Z expects more than Millennials
While millennials are adopters to the internet and experienced the birth pains of a world transitioning into a "connected" state. Every technological big leap for millennials at the time are given to today's Gen Z. Millennials knew what it's like dialing up to get online, only know wireless and are born online. Hence, they expect more. Millennials are loyal to brands and products, Gen Z expects brands and products to be loyal to them.
Gen Z wants more individuality
While millennials are the first to explore social media - some of them even invented it, Gen Z are more expressive in putting their digital put print in just about everything. Gen Z wants something that's more unique and personalized instead of just having the same thing that everyone else has. When they get their hands on something, Gen Z are more likely to make it their own.
Gen Z takes global to the next level
Millennials may be considered the first global generation with the invention of the internet, Gen Z is definitely taking our globalized culture to the next level. They have more in common with their "friends" online and share more with them than they do with most of their family members.
Join the Conversation