Wunderman urges brands to tap into Gen Z market
Firm suggests using variety of channels
Generation Z has a passion to change the world for the better, prefers brands that reflect their values and actively invests in stocks or other financial products, says Wunderman Thompson Thailand, the local operating unit of US-based global digital agency.
“Gen Zers, the younger siblings of millennials, account for one-third of the Thai population,” said Maureen Tan, chief executive of Wunderman. “They should not be ignored by brands as they are not just the consumers for tomorrow, but today.”
Fast-moving consumer goods and skincare products are active in communicating with these youngsters, she said.
“Gen Z is the new gold mine for marketers and brands,” said Puvadon Tarasin, director of digital and customer relationship management (CRM) for Wunderman.
He said brands should use a variety of channels to communicate with this group.
Gen Z are digital natives but are also aware of the dangers of social media, said Mr Puvadon, referencing the company’s report entitled “The Generation Z: APAC”, which surveyed 4,500 consumers aged 13-23, 500 of whom were from Thailand.
Some 82% of Thai respondents indicated they use smartphones multiple times a day and 92% said they thought carefully about what they posted and were concerned about privacy.
Some 85% said they followed up on news and entertainment material via social media.
Mr Puvadon said Gen Z wants to change the world and make things happen. Some 43% were concerned about pollution and 38% were worried about natural disasters, while 33% were concerned about climate change.
“Gen Z is more in touch with economic, social and environmental issues, and they want to change things for the better,” he said.
“Gen Z loyally supports brands that emulate their values. This is the time for brands to start communicating their own values and show Gen Z how their brand aligns with them.”
Mr Puvadon said Gen Z are willing to support and advocate for brands they love, so brands need to provide a better experience for customers, making the world a better place and following their passions.
He said this generation also sees success as happiness rather than money — being happy doing what they love is prioritised.
Chayanun Charoensuksiripathorn, senior regional planner of Wunderman, said 74% of the respondents indicated they planned to or already invested in stocks and other financial products, while 65% focused on saving their money.
Some 93% wanted to have more financial literacy, she said, adding this is an opportunity for financial services.
Ms Chayanun said this generation attaches importance to physical and mental health and are likely to spend more on healthy food and skincare products.
They prefer premium products at low cost, she said. They will buy products from channels with the lowest price option.
Some 64% of respondents said owning luxury items is important, with 83% indicating they would find products at stores to try them and then buy the same products for lower prices online.
Some 86% of Gen Z Thais are comfortable buying products on their mobile phones and 84% said they made payment through digital wallets, said Ms Chayanun.