As the economy recovers from a turbulent period, it is important to look ahead and consider the future of consumption.
By 2030, one-fifth of Sweden’s population and one-third of those of working age will belong to Generation Z
Understanding how this generation consumes will therefore become increasingly important for companies that want to maintain their position in the market.
Axel Femtehjell Wikner,
COO & Co-Founder
axel.f.wikner@coarconsulting.se
Gen Z is also known as digital natives, and their upbringing has been shaped by access to digital tools
For digital natives, user-friendliness, easy payment solutions, and mobile-friendly platforms are crucial. Since Gen Z has grown up with rapid digital development, seamless interaction between the physical and digital worlds is key. 45% of Gen Z have made a purchase through social media. This means that companies must have a strong presence on social platforms and build relationships with prominent influencers online, to attract and engage this audience.
73% of Gen Z have made a purchase from a company because of shared values, and 70% believe sustainability is important.
They are also a highly aware group and strongly drawn to the second-hand market. To appeal to digital natives, sustainability must be a central part of a company’s offering. This is not just about following trends but about implementing concrete and long-term sustainable solutions across the business.
33% of Gen Z in Sweden have ever purchased a product promoted by an influencer, compared to 19% of the general population. This highlights the significant influence influencers have on their purchasing decisions. Gen Z places a high level of trust in recommendations from trusted influencers and peer reviews when making buying decisions. For digital natives, physical stores are seen as spaces for relationship-building and expressions of the brand. Turning consumption into an experience is crucial for staying relevant as a company.
In order to create strong bonds with consumers belonging to Gen Z, a personalized experience is essential. Targeted campaigns aimed at very specific consumer groups are tools that make it easier to break through the noise. From a company perspective, this requires the use of data and technology to reach the right target audience.
To build customer loyalty, a personal connection to the consumer is now more important than ever, and it must be at a more specific level.
How can you prepare?
Gen Z demands more from companies in many aspects. It is essential to evaluate how to reach customers in digital spaces and create an experience around purchasing. For businesses to remain relevant and successful, they must embrace digital tools, sustainability, and personalized interactions as core pillars of their strategy.
MEET THE AUTHOR
Axel Femtehjell Wikner, COO & Co-Founder
axel.f.wikner@coarconsulting.se
coarconsulting.se 