This is the year in which a lot of marketing and social focus is switching from Millennials to the upcoming "Generation Z."
By the end of 2019, Generation Z will account for 32 percent of the global population of 7.7 billion, edging out Millennials who will account for a 31.5 percent share.
Generation Z is generally defined by those individuals born between 1995 and 2010 and more specifically defined as those who, from their earliest youth, have been exposed to mobile technology, the internet, and social media. Additionally, many individuals in Generation Z came of age during the 2008 recession and felt its economic repercussions in their households and social circles.
It is this experience, coupled with growing up as a digital native, that has really shaped this generation and made it quite possibly the generation most likely to give to things like crowdfunding campaigns. While they are often painted as self-centered, selfish, and lazy this couldn't be further from the truth.
This is especially important to understand, as this is the generation is now in college and soon entering the workforce. The following is a deeper look into what everyone should understand about Generation Z.
The Place a Value on Experiences Over Possessions
Have you ever wondered why older generations sometimes appear more obsessed than younger generations with certain products and technologies? The reason is largely due to something called "hedonic adaptation" which generally reflects how fast the excitement or happiness fades when a person acquires a new object and learns to use it.
Because today's youth have grown up during such an incredible boom of technology and consumer goods, physical products don't tend to give them as much excitement or happiness as they do for those for older generations. This is mainly due to the amount of time it takes to learn and adapt to said product. For older generations, cutting edge products is a far cry from what they had growing up and offer such different experiences from what they had as children, teens, and young adults.
So instead of focusing on collecting items and 'keeping up with the joneses' as previous generations may have yearned after, this Generation Z is best equipped to understand the passing pleasure of objects and the lasting value of experiences instead. They are more likely to value experiences that allow them to create memories with others.
They Place a Value on Giving and Helping Others
This value naturally connects with the aforementioned value on experiences, and it is another one that often surprises those not familiar with Generation Z. While many associate this generation with the nickname the "iGeneration" many others are calling it the "philanthroteen" generation. This is thanks to a proven propensity for activism, financial support, and social support of causes big and small.
Of course, this idea is still new to many, as traditional opinions point to older generations are more apt to donate. Yet, the research is showing younger people are more willing to give and make purchases for distinct causes.
For example, a 2018 study by DoSomething Strategic showed that over 50 percent of Generation Z individuals purchased a service or product with the sole goal of showing support for a preferred cause.
Another intriguing research survey of UK and US teenagers showed 26 percent had raised money for a cause and 32 percent had donated their own money to a cause.
Crowdfunding and Generation Z
By better understanding the true values of college students and other Generation Z individuals, you can better understand why a platform like dreamOway is so perfect for fundraising for and by this group. Generation Z was essentially raised by the internet and most of today's most popular social media platforms. They know best how to navigate these areas in order to share information and raise awareness about a certain cause or project.
But more importantly than their ability to raise awareness for social projects is their desire to. Generation Z values charities, nonprofits, and self-starters. They are constantly looking to help each other and to invest in meaningful ideas. dreamOway is the perfect place to create a campaign to elicit such support.
Additionally, for those college students looking to invest in an experience rather than a product, dreamOway is the ideal platform for creating an easily shareable campaign and raising awareness for a worthy dream.
So, are you ready to get started? Whether you're a member of Generation Z you're wishing to support their dreams and ideas, dreamOway has much to offer. Everyone has a story. Tell yours!