"The Z generation wins the world."
Author: Stone Jin
Edit: tuya
Producer: Financial Graffiti
A few days ago, Zhang Ying, a partner of Innovation Factory, shared a speech entitled "Consumer Manifestation in the Z Era" at an internal event.
As an investment institution that is more active in the current new consumption wave, Innovation Workshop focuses on the value orientation and service of the Z generation, as well as the scenes that bring a pleasant experience to the Z generation and the offline online people, goods and fields that can represent the hobbies and time spent of the new generation, and has invested in dozens of consumer start-ups, including colorkey Colaqi, Samson, Rock Zoo, wowcolour, haydon black hole, dream pay group, bigoffs, live fan, red Brin New brands, new channels, new traffic such as tomato pockets.
The following is an excerpt from the condensed content:
In Zhang Ying's view, today's "Z generation" spans 1995 to 2009; and these 15 years are the three evolutionary stages of China's Internet economy: from the narrowband Internet in 1995 to the broadband Internet in 2000, and then to the mobile Internet era opened by Apple's mobile phone in 2008.
Generation Z, born in the three waves of the Internet, has new desires and new pursuits under the change of generations, and their consumer psychology and behavior are more like a science of manifestation: Generation Z is China's first generation of chicken babies, growing up with "rich", "unique" and "bitter", pursuing freedom and sweetness; they love and hate, respect originality, love hard-core new species of consumption, and are willing to pay for it with all their love and expense.
"We believe that the growth mark of Generation Z determines the consumer psychology of Generation Z and shapes their consumption behavior. Therefore, if you can gain insight into the growth mark of Generation Z and grasp the consumer psychology of Generation Z, you will roughly judge their consumption behavior. Zhang Ying said.
The first is the unprecedented "richness" of material life, and the second is the "richness" of the media environment.
In terms of material life, Generation Z is the richest generation in China's history. Their parents are often after 60 and 70, roughly completed the original accumulation, do not have to worry about the problem of buying a house; and material affluence leads to this generation in a less mentally stressed environment, there is a lot of freedom of consumption and domination.
"We 'post-70s' are accustomed to delayed gratification, wanting something to struggle for a long time, in contrast, Generation Z is almost what will be what it wants, so that for most of the ordinary things there is no sense of lack, but also keen to pursue happiness, the formation of timely satisfaction of the consumption behavior." Zhang Ying said.
In addition, Zhang Ying also stressed that The Z generation also lives in the most "rich" media environment ever, "the most advanced media when the post-70s generation was born was television, and the Z generation grew up with smart phones." The consumption of the parents after the 60s and 70s is more pragmatic and rational material purchases, the best shopping is 'shelf plus search', while the Z generation is the scene stimulation, random purchase impulse, this timely satisfaction behavior will also lead to relevant transaction links and behavior compared with the father has a great change. ”
It is worth noting that the growth environment of Generation Z is more than "rich" but lacks beauty - China's economy has developed rapidly for more than 40 years, and there is still a lot of room for improvement in aesthetic education literacy and cultivation, precisely because "things are rare and precious", Generation Z is particularly enthusiastic about the pursuit of beauty, and advocates "appearance is justice".
Compared with their parents who are accompanied by siblings, the Z generation of only children is on the one hand very lacking in real-world social relations, so it is very eager for group identity; on the other hand, their virtual social relationships are extremely strong, and the degree of relationship identity, resonance and spiritual influence in the virtual world exceed his real life.
Gen Z has a love-hate chain of contempt, we are in a multicultural community and community, and in the hardcore crowd of each small community, the people in the spire position have a lofty voice. Some children are obscure in real life, but in the virtual world, he is an opinion leader, a team leader, and even a hundred responses, and they are also immersed in it.
"Independence" also brings the lack of spiritual companionship to Generation Z. The reason why Doraemon is still loved by Generation Z is because Doraemon is synonymous with their childhood "omnipotence" and is a beautiful spiritual resonance. Now some consumer brands such as colorkey Colaqi to doraemon co-brand will get a large number of Z generation support, the reason is this.
Generation Z is China's first generation of all-round chicken babies, from kindergarten to college for nearly 20 years, the children in the city were forced by their parents to learn everything from childhood, and going to college means the first release of life.
"The mental pressure of the Z generation growing up makes them have to find some scenes and things that can resonate with themselves temporarily out of reality, maybe it's b station or a game, maybe it's colorkey Colaqi's various makeup, maybe it's the "happy ten minutes" of taking a rock zoo into the bath; especially girls, when they enter the shopping scene of the girl's dream created by "Tomato Garden", it is easy to linger. Generation Z's consumption behavior has nothing to do with the sublime, it has an affair with interests, and they define the rules of the game themselves. ”
Zhang Ying also took his son who is studying in the third year of junior high school as an example, "My son's main hobby is to study how to install the machine, he is the king of the installation on the b station, the graphics card parameters are backwards like a stream, he can tell me the best game computer configuration with his eyes closed, I wonder where his expertise comes from." Gen Z is willing to work on what they love, which may seem like a small goal to us, but they like certainty, something they love. This is their manifestation. ”
After elaborating on the three characteristics of the "Z generation", Zhang Ying further pointed out that the growth mark and consumer psychology of the z generation determine that they pursue freedom more and are willing to pay for the expression of "cool" and "sweet".
Zhang Ying used the Masnot model to analyze the consumption behavior of Generation Z: Generation Z, who was born "rich", has long solved the physiological needs and safety margins at the bottom, and they pursue love, belonging, mutual respect and self-achievement.
The consumption behavior that the z generation is willing to pay for this, the first level is the beauty economy, interest shopping, scene consumption; the second level is to pay for love, willing to pay a premium for small surprises, and the good scene and experience transmission that can trigger emotional resonance will also stimulate consumption; the third level is the "national tide fever" - China's national symbols plus popular elements, so that the national tide breaks the circle and is loved by more hardcore people; in this trend, more and more generation Z respects original values and respects intellectual property rights.
"The current China is indeed the best soil for new brands, new categories, new lifestyles and new consumption habits, and to love Generation Z is to love China's future consumption and love the nation's tomorrow." Zhang Ying concluded.
"Innovation Factory is willing to invest in entrepreneurs who are good at listening and insighting generation Z, entrepreneurs who can interact and dance with generation Z, and entrepreneurs who know how to provide and create products and services for generation Z. Of course, there are several key factors in the entrepreneurial process, first of all, they must have insight into Generation Z, secondly, they must interact with the target audience, and third, they must involve his service recipients, and the process of participation is the co-creation of value. ”