Student Village, South Africa’s leader in the youth market, presented the latest Youth Culture Report recently. They’ve identifies a new generation that we need to understand as they are the workforce, delegates and meeting goers of the future. Here are a few elements highlighted from the report to help you form an understanding of how to cater to this new market.
- Centennial is the new youth cohort born in 1994 onwards
- Their defining quality is that they were born into a world of digital (and are digital natives) – mobile phones, internet and always connected. They see the web like a body part – it’s always been there and simply represents a means for communication, entertainment and education.
- We know this generation have spending power – a R32 Billion p.a market and are spending MORE than the average South African
- They are CULTURE CREATORS – creating and defining culture, living by their own rules and telling their own stories.
- This group is exploring entrepreneurship earlier, taking risks and trying to create for themselves. They are doing this at a faster rate and younger age than the older millennials did.
- They look to new technology to save them money and offer fun, excitement, personalisation and instant gratification. Tech has also allowed them to navigate the online world and make it work for them as a viable business opportunity but also a method to showcase who they are and what they are capable of doing.
- Centennials value power and wealth and look to achieve through being enterprising (working smart) rather than working hard.
- Now more than ever, the youth have become more image-conscious and therefore more attentive and selective to information being shared over their social media platforms, as this contributes immensely to market personal brands and increase personal brand equity (social currency).
- Centennials have come to the realisation that whatever is discussed by those they voted into power has a direct impact on their future. They have now chosen to engage in both online and offline