In the next few years, a new generation of consumers will enter the marketplace, changing the rules for all of us.
Known as Generation Z, this group of post-millennial consumers born sometime after 1995 has lived in a world quite different from that of past generations. And they are about to enter the market in mass.
According to a recent article in Fast Company, Generation Z makes up 25 percent of the U.S. population, and will represent 40 percent of all consumers by 2020. All of which means, in order for credit unions to remain viable 10 to 15 years from now, they need to understand just what makes these young consumers tick.
“When you are talking about Generation Z, you are talking about individuals that have never known life without the Internet,” said Terrence Griffin, chief information officer for CO-OP Financial Services. “Their lives have been constructed around the concept of availability. For example, when a child or teen today wakes up at 3 a.m. and wants to watch Nickelodeon, Nickelodeon is on. If they want to download and pay for an Xbox game at midnight, no problem. They live in a 24/7 culture, and credit unions that want to attract these consumers will need to follow suit.”continue reading »