On Monday, PRZM inspired many of us to venture out into the season’s first snowfall to hear Members Liz Toney & Larry Milstein talk all things Gen Z marketing. Contrary to the stats that Millennials have an attention span of 12 seconds with the Zoomer span rivaling that at a mere eight seconds, the evening bridged the generational gap with a crowd that was all ears for PRZM’s first panel.
Spanning everything from Liz & Larry’s initial introduction at Ludlow House to why the much-anticipated Dior x Stüssy collaboration is Gen Z bait and the rapid rise of TikTok, PRZM explained the importance of speaking this generation’s language as their purchasing power, tech & creative abilities and rapid entrance into the workforce are making companies rethink the way they market their beloved brands.
As we inch closer to the turn of the decade, PRZM shared insight into 2020. “While 2019 was the year TikTok entered mainstream culture and gained a critical mass of users (800 million), we [PRZM] predict that 2020 is the year it will be fully monetized,” shared Larry as he emphasized the intensity of TikTok’s rise and its significance as a Gen Z marketing tool. Authenticity is key, and the more transparent brands are via platforms like TikTok and even Instagram, the more points they win with Gen Z.
So, who is Gen Z? According to Forbes, the cohort born between the years 1995 and 2010 makes up this entrepreneurial generation. Fresh in the workforce, Gen Z has grown up with technology readily available at their fingertips. Not only is this shaping the way they work, but the way they shop and interact with brands. “We’re seeing an incredible push towards sustainability, second-hand marketplaces, nomadic tendencies and a demand for environmental change. Some advice I would offer for 2020 strategy would be to prioritize sustainability, be real and transparent, and infuse everything you do with creativity native to multiple channels – Snapchat, TikTok, Instagram, YouTube. Also to have an unapologetic point-of-view,” advised Liz as the priorities of this generation push brands to place more effort into maintaining their own ethical supply chains and possessing both a sense of approachability and pizzazz.
As far as sustainability is concerned, there are some Gen Zers who are earning six-figure salaries thanks to second-hand shopping platforms like Depop where consumers can thrift (and sell!) from the palm of their hand. Gen Zers are notorious for mixing luxury with thrifted finds and, as Liz mentioned, paying special attention to sustainability sets them apart from their predecessors. With this generation’s immense purchasing power partnered with some sage advice from Member company PRZM, brands have more incentive to diversify their marketing channels for the better in 2020.
Written by Sierra Cortner