On the last Black Friday, Generation Z (ages 9-24) proved to spend more money than any previous generation. But, at the same time, data show that brands are losing opportunities to sell to these young people.
Want to know why and how not to lose those sales? Follow this post.
According to the latest survey by the Student Beans platform made in the UK, traditional Black Friday marketing is no longer sufficient to reach Generation Z audiences. In fact, 63% of consumers look for brands that adopt sustainable practices and offer, in addition to the already known discounts, conscientious shopping incentives.
This year, younger people spent an average of £298 (US$ 394) on Black Friday, while their parents spent £251 (US$ 332) and grandparents, £206 (US$ 272). At the same time, it is estimated that 9 out of 10 young Brits expect to actively contribute to charitable causes when buying any product.
Finally, young Generation Z shoppers who purchased items with discounts from companies that “gave back” in some way (through donations or some climate compensation action) were 41% more satisfied with their purchases on Black Friday.
But then what happens to traditional Black Friday Marketing (and all famous shopping dates)?
Is traditional marketing dead?
The immediate answer is no. But as you’ve already learned (I hope), in Digital Marketing you need to always adapt your message to the audience you want to reach, right? If your audience profile is changing, it’s also time to review some practices.
We already know how important topics such as conscientious consumption, sustainable practices, climate compensation, etc. are for Generation Z. To effectively reach this golden audience, what you need to do is include incentives and give back within your marketing actions. But how?
Some brands have already “awakened” to this, while others are already taking large steps. We can mention brands like Harvey Nichols and Tommy Hilfiger, who are helping to combat climate change by reducing waste and emissions. It’s no accident that they have a legion of passionate buyers.
It is important to emphasize that this is not a fleeting reality. In fact, it is the opposite: this is the profile of an entire generation. Therefore, this is a trend that is here to stay. The point is: you must focus not only on conscious marketing but also on being a sustainable brand with genuinely sustainable practices. Marketing, then, should be a consequence rather than an immediate action.
And where to start?
This type of change is structural and has to happen from the inside out. It is necessary to raise awareness among employees, leaders and suppliers to find opportunities to promote sustainability and solidarity throughout the production chain.
Whether it’s reducing waste, eliminating plastic, reducing emissions, or carrying out social projects and solidarity actions, it’s important to begin somewhere.
You can take advantage of the fact that the greatest commercial period of the year is right ahead of us: the holiday season. How about promoting a Christmas solidarity action for children? Donate a portion of the income revenue in a specific period? Opportunities and ideas abound.
Obviously, it is possible (and recommended) to carry out specific actions that are genuine and can translate your purposes, but from the moment this becomes a culture and a value of the company, marketing actions will flow naturally.
Spread the word!
Have you ever heard the phrase “be the change you want to see in the world”? Generation Z youth are eager for change and want to consume from brands that are also engaged in this purpose.
It’s apparent that it is necessary to change and adapt to consumer expectations and demands. But what is not seen is not remembered…and this is also true for the sustainable and conscientious actions that your company carries out.
According to the same Student Beans survey, brands that promote sustainable purchase incentives — such as donations or climate compensation — are twice as likely to win over Generation Z youth.
And it doesn’t hurt to remember that we are not talking here about marketing actions, purely. The urgency of all these topics is real: solidarity, sustainability and climate compensation are subjects that are being discussed worldwide. Acknowledging and executing these practices are integral to the success of modern companies.
Incorporating and prioritizing these themes in your company is not a choice, but a necessity: to sell, maintain the business, and contribute to this and the next generations. Together, consumers and brands can make the world better. As your company helps society, society will help your company to reach its ideal customer.