It’s time to re-evaluate your marketing strategy

By Emma Peterson. 

With Gen Z representing 40% of all global consumers, it’s time to design marketing campaigns that account for their perspectives. 

A recent report by Redfin tracked homeownership trends across generations between 2022 and 2023. The report found that, while Millennials and Generation X saw rises in homeownership, Gen Z saw little change. Overall, only 26% of adult Gen Zers owned a home where Millennials saw an increase of 3% (52% to 55%) and Gen Xers of 2% (70% to 72%) in the same time period. While the simple numbers may look bad for Gen Z, the report stated that “most adult Gen Zers are tracking ahead of where their parents were at the same age. That’s likely because many Gen Z homeowners were able to buy when rates were near record lows.” As these homeownership rates shift and change, contractors marketing must adapt to include rising groups such as Gen Z in their strategies. No cap (Gen Z translation: we are not exaggerating).  

In an Affinity Webinar happening on August 27, 2024 at 11:00 a.m. PT, John Kenney of Cotney Consulting Group, and Karen Edwards and Heidi J. Ellsworth sat down with special guests Alex Tolle and Megan Ellsworth, both members of The Coffee Shops crew, to talk about this. Both Alex and Megan are Gen Zers, with one of them being a first-time homeowner and the other looking for that first home. For context, Gen Z is commonly denoted as those born between 1997 and 2012, Millennials are determined to be born from 1981-1996 and Gen Xers born between 1965 and 1980.  

The group will discuss Gen Z marketing traits, such as how they are committed for the long haul, purchasing with a conscious-forward mindset and are more likely to dismiss traditional marketing practices based on brand loyalty. Another big factor that has changed the marketing game is the rise of influencers, individuals who have social media presence and influence that is smaller than a mainstream celebrity but bigger than the average person. According to the Morning Consult, 33% of U.S. Gen Z consumers purchased a product from an influencer-founded brand in the past year. On top of that, 80% of those purchasers expressed that they would look to influencers to buy again and 47% said that they had a better experience with influencer brands in comparison to traditional marketing. With this distinct shift in preferences, it is important to make sure that your business’s marketing strategy expands to properly incorporate the younger generation. 

Register for the August 27, 2024 webinar to learn more about generation