Nigerian Business, Gen Z money, Zillennials, savings app nigeria

Zillennials Are The New Tastemakers, Here’s What They Want from Businesses

Zillennials—born between 1991 and 1999—are turning 25 to 33 this year. This micro-generation of Nigerians, which connects younger Millennials and older Gen Z, is quickly becoming the new tastemakers in today’s market. Their growing wave of earning and purchasing power is setting trends and driving economic shifts in significant ways.

This group is financially engaged, socially conscious, and tech-savvy, making them an important demographic for businesses to understand and cater to.

Based on PYMNTS survey of  3,090 consumers in the US held from April 5 to April 26, this group is more inclined to invest, with one-third of the respondents having invested in assets like stocks, mutual funds, and cryptocurrencies in the past month. Though this study, analyzing 774,532,224 transactions, notes that their Nigerian counterparts prefer to save. 

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Understanding and Engaging Zillennials

Understanding the diversity within Zillennials is crucial for businesses. Based on the survey, PYMNTS Intelligence identifies four key persona groups:

1. Budget-minded: This group prioritizes essentials and is the most financially stressed, with many (88% of their respondents) living paycheck to paycheck. Businesses can attract them through discounts, loyalty programs, and promotions on essential goods.

2. Wealth builders: This group focuses on saving and investing, with a significant portion holding college degrees. Offering investment opportunities, savings plans, and exclusive financial products can resonate well with them.

3. Free spenders: These Zillennials seek enjoyment and experiences, often using the extra money for fun activities. Marketing strategies should highlight experiences, premium products, and entertainment options.

4. Givers: Socially conscious and charitable, givers are likely to donate to charities or support their friends and family. Businesses can engage them through charitable partnerships, donation-matching programs, and community initiatives.

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What They Want from Businesses

To effectively engage Zillennials, businesses must align their strategies with the distinct preferences and behaviors of this generation.

  • Enhanced Subscription Offerings:
    Zillennials place a high value on subscriptions. Businesses should offer flexible, bundled packages, highlighting convenience and cost savings. Companies can create tailored subscription services that cater to Zillennials’ lifestyles and interests.
  • Sustainability and Social Responsibility:
    Zillennials and Gen Z is known for their strong beliefs in social justice and activism, and cancel culture is seen by many as a tool for holding people and organizations accountable for their actions.  An instance is the ongoing scandal at Erisco Foods Limited, where a coalition of 300 women groups has called for the boycott of their products.

    Based on the PYMNTS survey, Zillennials seek out sustainable and socially responsible business practices. To thrive, businesses must include sustainable practices in their operations and communicate their efforts.
  • Flexible Payment Options:
    In the context of Nigeria’s high inflation and low purchasing power, businesses will have to adapt their payment strategies to cater to the financial constraints faced by consumers, particularly Zillennials. Diverse payment methods, including installment plans and deferred payment options, to meet Zillennials’ cash flow management needs.

    By providing flexible payment options, businesses can maintain steady sales even when consumers are financially constrained. This ensures a more predictable revenue stream.
  • Personalized Marketing
    In the face of high inflation and low purchasing power, businesses should leverage technology and data analytics to construct personalized marketing strategies that align with Zillennial tastes. Offering tailored recommendations and targeted incentives can strengthen relationships with this tech-savvy demographic.

Failing to recognize the rise of the Zillennial consumer is a missed opportunity. By embracing their values and catering to their spending habits, businesses can secure a loyal customer base.

As Zillennials’ spending and earning power rise, their economic influence will grow and will present challenges and opportunities for businesses.

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