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Generational Insights to Inform Future Strategies Towards 2030 Analyse Australia Understanding the Future Consumer Generational insights to inform future strategies towards 2030 August 2020 The changing consumer landscape 04 Generation Alpha 06 Table of Generation Z 10 Generation Y 14 contents Generation X 18 Towards 2050 26 The Global outlook of the future 28 What does this mean for leaders? 30 Understanding the Future Consumer report is produced by: How can we help 32 McCrindle Research Pty Ltd Suite 105, 29 Solent Circuit Norwest NSW 2153 AUSTRALIA mccrindle.com.au [email protected] +61 2 8824 3422 Authors: Mark McCrindle, Ashley Fell, Kevin Leung, Peter Chi Data visualisation and design: Hendrik Zuidersma Title: Understanding the Future Consumer Publisher: McCrindle Research - mccrindle.com.au URL: analyseaustralia.com ISBN: 978-0-6486695-6-2 © McCrindle Research Pty Ltd 2020 This report is copyright. Fair dealing for the purpose of private study, research, criticism or review is permitted under the Copyright Act. In addition, the Publisher grants permission to use images and content from this report for commercial and non-commercial purposes provided proper attribution is given such as ‘Understanding the Future Consumer’ By Mark McCrindle, Ashley Fell, Kevin Leung, Peter Chi, is used by permission, McCrindle Research. 02 Understanding the Future Consumer Understanding the Future Consumer 03 Case study In 1996 the Eastman Kodak Company recorded one of their best years with a valuation of $30 billion USD, and revenues of $16 billion USD. Yet 16 years later it filed for bankruptcy. In 1888, founder George Eastman put the first model of Kodak camera to market. His proposition? “You press the 1996 Kodak valued at button, we do the rest.” He created the first technological wave of handheld cameras. For the next century Kodak $30 BILLION USD brought the handheld camera experience from a novelty used by few, to become the ‘Kodak Moment’ used by all. The S Curve: new technology adoption rates Analogue The changing cameras Mass Consumption consumer Digital cameras Early landscape Adopters What Kodak failed to see, was that another S curve was A decade of change has seen the consumer landscape shift Today's consumers are increasingly prioritising simplicity, emerging. from mass market to personalisation and customisation, from personalisation and customisation. The challenge for a life of bricks-and-mortar shopping to $27.5 billion dollars in organisations is to not just communicate their key brand Kodak were convinced that analogue cameras and film would online goods spend. messages well, but to listen to and understand the unique continue to appeal to the masses. They didn’t predict that needs of each generation. They then need to respond in a the current generation at the time with the largest spending Organisations that have thrived in the past decade are those timely manner to set themselves apart from competitors. To power (Gen X – 31% of income in 2005)2 were craving who have understood their consumers and pre-empted the set up organisations to thrive in the current market it is more emerging technology, embracing the difference in their trends. In 2020 we are living in a time of constant change. important than ever to gain insight into today’s consumers. parent’s (Baby Boomer’s) ‘Kodak moment’ lifestyles. Technology is developing faster than ever before and is What are their defining characteristics? What are their shaping consumption habits in ways previous generations have expectations and where will they be in the next decade? Alongside other challenges, the Kodak company did not not experienced. More prevalently, in the current COVID-19 2012 Kodak declares respond to the generational context and failed to provide a environment, organisations are now adapting to change in This report is for business leaders, future thinkers and product sought after by the current market. mere weeks instead of years. communication strategists. It is for those who want to BANKRUPTCY understand the consumer of the future and set their organisation up for success. 04 Understanding the Future Consumer Understanding the Future Consumer 05 GENERATION ALPHA GENERATION Generation Alpha If organisations want to not only exist in a decade’s time, but thrive and flourish, then understanding Generation Alpha is imperative. 06 Understanding the Future Consumer Understanding the Future Consumer 07 Shaped by technology GENERATION ALPHA GENERATION While they are currently the youngest citizens, Generation Alpha have brand influence and purchasing power beyond Generation Gen Alpha began being born in 2010 (the same year the their years. They heavily influence their parents purchasing iPad was released) and are coming of age in unprecedented decisions, shape the emerging social media landscape, and times of change. They are part of an unintentional global are the future generation of digital shoppers. Alpha experiment where screens and voice assistants are placed in front of them from the youngest age as pacifiers, entertainers Currently there are three million Generation Alpha in Australia and educational aids. Generation Alpha are ‘up-ageing’ and more than 2.8 million are born globally every week. (growing up faster and at a younger age) which results in a greater level of sophistication not only physically, but GEN ALPHA ARE EARLY ADOPTERS WITH In a decade’s time, Generation Alpha will be well into their technologically. ONLINE INTERACTION SEAMLESSLY teens and will be highly educated and entrepreneurial. It is INTEGRATED INTO THEIR WORLD. imperative for leaders and marketers alike to understand this burgeoning generation as they begin their careers. Influencing household purchasing decisions While this generation has yet to earn any personal income, they have a strong voice in purchasing decisions and are 2 IN 5 AUSTRALIAN CHILDREN AGED BETWEEN environmentally and sustainability minded. 81% of parents 6 – 13 OWN OR USE A MOBILE PHONE, WHICH HAS BEEN STEADILY INCREASING SINCE 2013 (41%) .3 have had their actions or consumption decisions influenced to 2,000,000,000 be more environmentally aware by their Gen Alpha children.4 2025 2,800,000 Towards 2030 GEN ALPHA ARE BORN GLOBALLY WHEN THEY HAVE ALL BEEN BORN (2025) THEY WILL BY 2030, GEN ALPHA EVERY WEEK NUMBER MORE THAN TWO BILLION – THE LARGEST WILL COMPRISE GENERATION IN THE HISTORY OF THE WORLD The voice that shapes the future Generation Alpha are well positioned to be at the forefront of technological integration. They will transition from being a voice of influence in the 6% OF THE Demographic profile household, to technological trendsetters with their WORKFORCE economic power to match. 2030 TODAY AND ALMOST ONE IN FIVE AUSTRALIANS 0 - 10 CURRENT AGE 6 - 20 Personalisation as an expectation 3,251,125 5,514,434 POPULATION 14% of Aus population 18% of Aus population Throughout their life technology has existed to serve them, providing instant gratification to everything they seek. Alphas are growing up in households of smart devices, apps delivering food, and personalisation - where everything from Nutella jars to story books can be ordered featuring their name. Algorithms and personalisation are an integrated and expected part of their consumer experience. 69% % LIVING IN CAPITAL CITY 70% 0% % OF THE WORKFORCE 6% Generation Generation Y Generation Z Alpha Descriptive Customised Personalised TODAY 2030 08 Understanding the Future Consumer Understanding the Future Consumer 09 GENERATION Z GENERATION Generation Z Authenticity and sustainability are vital to engaging this generation. 10 Understanding the Future Consumer Understanding the Future Consumer 11 Global connections and social influence GENERATION Z GENERATION Through technology, Gen Z experience cultural and social trends globally like never before. No matter the location, Gen Zs are influenced by the same movies, music, fashion Generation Z and food. Today’s youth are extensively connected to and OF GEN Z WOULD MAKE A PURCHASE shaped by their peers. Social proofing comes through what BASED ON A SOCIAL MEDIA their peers recommend and the distance between fan and 73% RECOMMENDATION7 Generation Z are almost exclusively the children of celebrity, regardless of geography has narrowed. Generation X. Since 2019, there are more Australians born since 1980 than before it. This means that Gen Y (born from 1980 to 1994), Gen Z (born from 1995 to 2009) and Gen 95% Alpha (born since 2010) now comprise more than half the OF GEN Z OWN A SMARTPHONE5 85% YOUTUBE population. Gen Z are digital integrators. They are too young Visual communication is an expectation to remember the arrival of digital technology, and have grown TOP SOCIAL MEDIA PLATFORM up and in many cases, have been significantly socialised by BY USAGE OF 72% INSTAGRAM YouTube outstrips Google as the number one search engine screen-based devices. TEENAGERS8 for this generation, because why would they read it when they can watch it? The visual summary drives higher engagement 69% SNAPCHAT than the written narrative. Watched on a mobile of course, Digital integrators bite sized, personalised information defines this generation. 95% of Gen Z own a smartphone and this technology is seamlessly integrated into their lives. On average 74% of Gen Z’s time is spent online (outside of school or work). The digital Sustainability as a is increasingly replacing the physical which is fundamentally lifestyle 74% changing their experiences of the everyday. OF GEN Z'S AVERAGE TIME IS SPENT ONLINE (OUTSIDE OF SCHOOL OR WORK).6 Gen Z believe in protecting the planet
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