It is time for the Millennials to move over. There is a new generation, which is making all the right waves right now. Generation Z is a generation, which has been born in the late 1990s. They have grown up in the age of social media, eCommerce shopping, and cryptocurrencies.
Gen Z, as they are fondly called, is different in many ways to the earlier generations. In terms of their approaches towards life, finances, health, politics, and society, Gen Z is much more aware, conscious, and willing to take action.
In this article, we are going to discuss who or what is Generation Z. In addition, we are going to look at five top trends; Gen Z is leading, following, or heralding in 2020.
Generation Z: Meaning and Introduction
According to the global consulting firm, McKinsey, members of Gen Z are born between the years 1995- early 2000s. They use the term ‘digital natives’ to accurately describe them and also differentiate them from earlier generations, like the Millennials and the Alpha.
Being digital natives, Gen Z was born into information technology. One of the major fallouts of being born into the age of information technology is that their habits, patterns, interest areas, worldviews, culture, and relationships are entirely different.
Some of the immediate aspects, which can be tangible, presented are- social media, eCommerce, online learning, online gaming, cryptocurrencies, etc. One other aspect, which needs to be considered when understanding Gen Z is the time period of their birth.
Gen Z has seen the Financial Crash of 2007-2008 at close quarters. They saw their parents losing jobs, defaulting on mortgages, social service benefits, and so on. This has impacted them in a severe fashion.
Top 5 Trends being ushered in 2020 by Gen Z: The List
1. Vaping-
If there is one generation, which can be credited for not only introducing but also making vaping mainstream, it is Gen Z. Being careful about their health, and not taking tobacco, is a statement for the generation. This is why vaping has become not only a cultural phenomenon but also a new and hot trend in 2020 in different parts of the world.
Tobacco companies and cigarette manufacturers are lobbying hard so that favorable components like e-liquid and vaping cannot replace them. However, it is very difficult to offset vaping in 2020. This trend is not only cool but also much healthier.
2. Electric Vehicles (EVs)-
There is no doubt that Gen Z feels passionate about the environment. They have seen and experienced what the previous generations have done to the environment. Climate Change and Global Warming have made them abandon fuel vehicles in exchange for EVs.
In essence, Gen Z has even forced mainstream automobile manufacturers to create good products, which are- economical, affordable, feature-rich, and reliable. The year 2020 is going to be a major year for electric vehicles as they look to attract members of Gen Z.
3. Financial Investments-
When it comes to finances and investments, Gen Z is more conscious than the earlier generations. As they had seen their parents go through the hardships of the financial crash, they are also very distrustful of governments and traditional financial institutions.
This makes them invest in new areas of investment like cryptocurrencies, vintage cars, wine, and other non-traditional areas. As they are innovative in their options, they are also earning high profits in the process.
4. Ecommerce Shopping-
One of the starkest effects of Gen Z’s digital behavior is E-commerce. We are not only talking about buying things from eCommerce platforms. We are also talking about getting services, food, booking tickets, consuming entertainment, all from the internet.
This has led to the creation of a new trillion-dollar industry, which caters to different populations all over the world. You can practically get anything home delivered from any part of the world. Gen Z is the major driver of initiating changes in consumption patterns.
5. A Young Entrepreneurial Culture-
If someone had told you fifteen or twenty years back that, a 20-year-old created his own multimillion-dollar empire (self-made), would you have believed them? The answer is no. Gen Z has redefined the rules of entrepreneurship. They are setting up businesses when they are as young as 15 or 16 years of age.
They are also getting support from their families are using the internet and digital platforms in order to boost their businesses. This is why many members of Gen Z never want to work for anyone else. They prefer setting up their own businesses and running them.
Conclusion
In recent years, Gen Z’s influence on the state of world affairs is palpable. They are using technology and other resources at their disposal to create new needs, consumption patterns, and demands in the world economy. Many brands are strongly catering to the specific nature of demands made by this generation.
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