Week 3 – People
“People” refers to human being and they have the biggest ability to make changes for the planet. In every industry, “people” are both the producers and consumers, they are there to provide goods and services and at the same time require certain goods and service.
According to Dimock (2019), Gen Z are born between 1997 and 2012, they are “racially and ethnically diverse, progressive and pro-government”. They are the generations that are individualistic and the highest ability to make changes to the current community. This is because most GenZ are born into the world where internet is part of their daily lives and the generation that is highly dependent on social platforms. To understand their behaviour as consumers and what attracts them, we have to know their values and what type of product or ways of marketing appeals to them. With GenZ leading the industry, Finneman (2020) said, “they’re looking beyond tangible products and actually trying to understand what is it that makes the company tick“. In comparison to previous cohorts they are much more socially aware, putting much higher importance on sustainable and green practise, diversity in terms of increasing chances for people from varied background and also uniqueness of the product in a sense of background purpose or story (McKinsey, 2023). Furthermore, it is important to know how powerful social media and online shopping can influence GenZ. Also, how they are affected by trends and what appears on their social media platform. A ‘review picture’ , a comment or an advert on social platforms can be shared and spread around easily and could change the fate of a product or brand.
In response to the changing value of the GenZ, brands have been taking more time on focusing on the purpose of their brand and have become more transparent in terms of sharing their ethos of creating their product. For example, an inclusive beauty company called Kohl Kreatives specialises in producing makeup brushes and tools for people with gross motor skills (Nast, 2019), in order to “ensure anyone with a disability could experience the beauty industry” (Baird-Murray, 2020). It is also worth mentioning, although a few beauty brands have responded to diversity with larger range of foundation colour, however, people with disabilities is often overlooked due to the smaller population in this nation.
Lastly, workers that have interpersonal skills like communication, analytical and observation skills it is necessary for them to be successful in this competitive market as they constantly have to be alert to the fast-paced activity of Gen Z on social platforms. They also have to adapt to new trends quickly and search for what the market requires, altering their marketing and pricing strategies.
Bibliography
Baird-Murray, Kathleen. “5 Brands That Show Inclusivity Is More than Just an Extended Foundation Range.” British Vogue, 11 May 2020, www.vogue.co.uk/beauty/article/inclusivity-brands-beauty-industry.
Dimock, Michael. “Defining Generations: Where Millennials End and Generation Z Begins.” Pew Research Center, 17 Jan. 2019, www.pewresearch.org/short-reads/2019/01/17/where-millennials-end-and-generation-z-begins/.
Finneman, Bo, et al. “Meet Generation Z: Shaping the Future of Shopping | McKinsey.” McKinsey, 4 Aug. 2020, www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping.
Flora, Liz. “CeraVe and E.l.f. Cosmetics Rank as Top Beauty Brands for Gen Z.” Glossy, 19 Oct. 2022, www.glossy.co/beauty/cerave-and-e-l-f-cosmetics-rank-as-top-beauty-brands-for-gen-z/.
“Instagram.” Www.instagram.com, www.instagram.com/p/B_5ATuEJeO2/?utm_source=ig_embed&ig_rid=9f281f00-621f-4dc3-b289-8cc596b9be09. Accessed 14 Oct. 2023.
McKinsey. “What Is Gen Z? | McKinsey.” Www.mckinsey.com, 20 Mar. 2023, www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z.
Nast, Condé. “The Rise of Disability Friendly Beauty Brands.” British Vogue, 17 Sept. 2019, www.vogue.co.uk/beauty/article/the-rise-of-disability-friendly-beauty-brands.