Gen Z has shot down many of the stereotypes that swirl around them: in actuality, they don’t all have short attention spans nor are they all addicted to technology!
But some stereotypes are borne out by the data. For example, it’s widely believed that Zoomers expect a lot (some even say “too much”) from brands and companies they interact with — and apparently this one is true, to such a level that 71% of Zoomers would even be willing to boycott a company they believe to be behaving unethically.
One of the issues that matters to Gen Z is sustainability. This drive for sustainability has led many Zoomers to have an affinity for subscriptions which, by definition, are a more sustainable business model: less stuff, more access to that stuff on an as-needed basis — and better for the environment as well as for your bank account! Zuora calls this trend from “The End of Ownership.”
According to a recent Harris End of Ownership Survey, use of subscription services is growing with 78% of those surveyed having subscription services, and 75% believing that in the future people will subscribe to more services and own less physical stuff.
Subscriptions also increase brand connection: 64% of people surveyed in the End of Ownership survey feel more connected to companies with which they have a direct subscription experience as compared to companies whose products are purchased on a single-transaction basis.
For these reasons — and more — subscriptions continue to rise in popularity for Gen Z (and across generational divides, too). Digital content in particular has become ubiquitous among Gen Z with 4 in 5 (84%) subscribing to at least one type of digital content — and with over 53% having at least one digital music subscription. Online gaming services are also gaining popularity, with 39% of Gen Z having at least one subscription, according to the Worldpay report.
Since this generation has grown up experiencing content on digital platforms, they are happy to opt for digital subscriptions, but with the competition stiff for Zoomer eyeballs and dollars, businesses need to not only ensure that they are providing quality content, but that they are providing an exceptional subscriber experience, which includes allowing for diverse payment options to make for a frictionless purchase.