A recent study by research consultancy Untold Insights, which surveyed 2,000 respondents across the US and UK, reveals striking similarities in the consumer behaviours of Gen Z and Millennials. Contrary to the popular belief that these generations have vastly different attitudes and preferences, the findings suggest that their consumption patterns are notably aligned.
Both Gen Z and Millennials demonstrate a clear preference for short, easily digestible video content, such as Instagram Reels and TikTok. The study found that 46% of respondents from both generations watch these platforms daily, while 66% engage with them every day or every few days. This significant engagement presents a massive opportunity for product discovery, especially for new or small businesses. Interestingly, 21% of Millennials and 14% of Gen Z reported often purchasing from brands they had never heard of before, solely based on social media recommendations. This indicates that Millennials are at least as reliant on social media for shopping recommendations as Gen Z, if not more so.
The research highlights that both generations are focused on wellness and lifestyle upgrades, with social perception and image playing crucial roles in their lives. Categories such as fashion, makeup, dining, cooking, and fitness are particularly prominent, with Instagram Reels and TikTok serving as primary sources of information and inspiration for both groups.
When it comes to the length of digital content, the study shows that different types of media command varying levels of attention spans. For instance, entertainment streams and live sports have the highest tolerance for longer viewing times, while advertisements and reviews are consumed more quickly.
A notable trend identified in the study is the preference for utility over brand loyalty, a behaviour more pronounced among Millennials. Seventy-five per cent of Millennials and 60% of Gen Z respondents agreed with the statement, “I have no problem switching brands if I think it’s going to be a better option for me.” Moreover, over half of both groups expressed a willingness to purchase knock-off versions of brands instead of paying full price for the originals.
Ethical considerations also play a significant role in brand engagement. A higher percentage of Millennials, compared to Gen Z, reported they would stop buying from a brand if they discovered it was unethical. This indicates a stronger inclination among Millennials to hold brands accountable for their actions.
Adelynne Chao, Founder of Untold Insights, commented on the findings: “Our research has highlighted the importance of understanding the nuanced behaviours of these influential generations. While there are differences, the similarities are striking and hold significant implications for businesses. These findings underscore the need for marketers to focus on authenticity, convenience, and socially conscious branding, as these factors greatly influence both Gen Z and Millennials’ consumer behaviours.”
The report concludes that, despite some subtle differences, Gen Z and Millennials exhibit many overlapping traits and interests. It encourages businesses to recognise these similarities to create marketing strategies that resonate with both generations. By doing so, companies can achieve greater success and growth in today’s dynamic marketplace.
In summary, this study provides valuable insights into the behaviours and preferences of Gen Z and Millennials, challenging the notion that these generations are fundamentally different. Businesses are advised to leverage these insights to tailor their marketing approaches, ensuring they meet the expectations and values of these influential consumer groups.
For more information, visit https://www.untoldinsights.com.