Consumer Behavior in the Information Economy: Generation Z

Abstract

The article examines the features of consumer behavior of Generation Z, the largest consumer group in the world today. The authors highlight the ability and willingness to purchase goods and services online as the main trends in changing consumer behavior, while the main means of getting information, choosing a product (service), and paying for a purchase today are smartphones and tablets actively used by representatives of Generation Z. Generation Z has been determined to be digital consumers boldly shopping online. They stay online most of their time (working online, studying online, social media from 3 to 6 hours a day, watching movies and entertainment content online, etc.) and before purchasing anything, Generation Z expects to access to and evaluate information, reads reviews, and conducts its research. Generation Z looks forward to co-creation with brands, participation in teams, and collaboration with managers; it expects innovation from their employers, leaders, and brands. Due to this digital literate consumption, it makes highly informed, more pragmatic, and analytical decisions than representatives of previous generations. The article also shows that social networks are becoming the main channel for delivering advertising information to a young audience with a focus on visual content (video, infographics) and the shortest formats possible: Generation Z consumes information fragmentarily, as they use several devices simultaneously.