Gen Z is different from how it is perceived when it comes to money matters. It is a myth that they are self-absorbed, entitled and privileged. Also one would expect Gen Z as a cohort to be a happy bunch and someone who would lead a very carefree life where they are able to navigate the complexities of life very easily.
In reality, Gen Z was seen to be largely bored, lonely and frustrated. And constantly under stress. GenZ is often seen as digital natives who are not just social butterflies in the virtual world but also adept at forming meaningful connections in the physical world. But the reality is that not only were they bored and lonely, but they were also finding it more difficult to make friends after the pandemic. They are comfortable interacting with people online but that itself could be a stressor for them – as it becomes difficult for them to form true human and personal connections in the non-online world. Meanwhile, quite a lot of Gen are not happy with how ads portray them.
Ipsos India has showcased new thinking on Generations busting myths about Generation Z and Gen X. The aim is to provide a true understanding of the two key cohorts, exhorting marketers to fine-tune their targeting with precise messaging. The views were shared at an Ipsos After Hours, client event. Generation Z, those born between 1997 to 2012 and Generation X (born between 1965 to 1980) have been the fastest-growing cohorts. Ipsos highlighted some of the misconceptions about these two groups of people.
Ashwini Sirsikar, Group Service Line Leader, UU and Synthesio, Ipsos India said, “We all know that India is a young country, with 65% of its population belonging to Gen Z or Y. What may be news to some of us is that it is actually Gen X which is the faster growing population for India. While much is written, spoken and known about Gen Z, there is very little which is known about Gen X. However, what is common to both segments is the abundance of myths which exist around each of these segments. Our attempt is to bust some of these myths and leave some food for thought for marketers.”
Another myth is that Gen Z is self absorbed, entitled and privileged. But what Ipsos India saw was a heightened sense of awareness about financial responsibilities – they did not feel as secure financially (some of them would have just started working) and worry the most about being a financial burden on the family. To combat this, they were seen to often start to earn early and supplement their income through side jobs. Gen Z was seen to be different from how it is perceived in money matters.
In terms of Generation X one myth is that they are often caught between the responsibilities of caring for parents and raising their own families coupled with the pressures of maintaining their careers, mental and physical wellbeing. But contrary to the popular notion, Gen X-ers actually felt way better physically and mentally when compared to Gen Z.
Another myth is that significant global events, economic fluctuation have resulted in Gen X being pessimistic.We know that the Gen X has seen considerable financial fluctuation as well as big global events that have impacted their lives – which leads us to think that they are a naturally pessimistic generation. But the reality is that they are feeling a lot more optimistic about life in general – more well prepared, excited and optimistic and less lonely, bored and frustrated.
The third myth is that Generation X with multiple financial responsibilities find themselves cash-strapped and
need to dip into savings. We already know that as a Generation, they have a huge spending power. Despite this, it was interesting to note both Gen X and Gen Z feel similarly when it came to buying things they need. However, Gen X-ers also try to keep their life simple as far as possessions are concerned. They in fact believe in leading a simple life.
While Gen Xers believe in simple living, it does not translate to frugal. They are in fact enthusiastic about
making purchases across a very wide range of categories.These categories span a broad range – these not just include the obvious ones like grocery, financial services, health care etc. but also others like fashion, home décor, consumer durables, personal care, automobiles etc.
The fourth myth is that Generation X often considered financially pragmatic, is known for saving for very specific goals. Interestingly, Gen X was seen to be self-sufficient when it comes to money. They have a savings mindset but were not saving for anything in particular.
Iposos also looked at the portrayal of Gen X in popular culture to see if this representation matched the reality
or just carried forward the existing stereotypes showed, Gen X was a forgotten generation or a sandwiched
generation. Every generation had its stereotype — millennials were seen to be whiny, Gen Z weird, and
boomers were seen to be selfish. Gen X’s nobody remembered them.
41% of them felt that their generation is not at all well-represented in the advertisements today. Look at some salient TV commercials – Most categories focus on either the youth or the boomers, youth – because everyone runs after them, boomers – as everyone listens when granny speaks.
What was clearly evident that there were very few meaningful portrayals of Gen X or any meaningful relationships shown between Gen X and Gen Z.
Even when Gen X were represented in ads, the depiction was stereotypical and it was in categories like health, insurance etc. – portrayed as the ignorant, tech unsavvy folks, just as provider who need to be educated either by their smarter kids or an expert.
Also shown as being at logger heads with Gen Z – having extreme and traditional views. And the portrayal of one generation teaching the other.
Gen Xers also felt very under-represented in specific categories like fashion, beauty, durables, automobiles etc. – and unfortunately, these were the very categories that they were looking forward to buying in the very near future.
A few brave attempts are being made to unstereotype this generation – but that is not enough.
There was some glimmer of hope seen when it came to OTT – Many Gen X centric shows with lead actors in their 50s of late, have been coming through. Playing their age, breaking the stereotypes. But there is a need for more authentic representation of both generations to avoid alienation.
“The narrative of Generation X is marked by satisfaction, wealth accumulation, and unfortunately, disregard. This rapidly growing, affluent generation is often overlooked, both in terms of dedicated research and representation in studies and targeted marketing – a situation that requires introspection and change,” stated Maitreyi Mangrati, Executive Director and country service line leader, Synthesio, Ipsos India.
While there are many misperceptions and differences between these two generations, one thing on which their
views converge is the impact of climate change on the planet and the need to take necessary action.
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