Beginning from the Stone age to Generation Alpha, so many centuries have passed. The world has been diversified with millions of changes and innovations. Ranging from the oldest era to the newest generation, there are two such generations of people that seem to be the same. The generations are Generation Y and Generation Z.
Generation Y, also called Millenials includes people born in the 1980s and 1990s, specifically born from 1981 to 1997. Generation Z belongs to them who are born from 1997 to 2015. Comparing the approximate age of people from Generation X and Generation Y, Gen X would vary from 24 to 40 years and Gen Z would include people from 6 to 24 years. Those born in the 1990s and 2000 look similar to both generations. But, there is much difference between both of them.
The decade of the 20s welcomed many latest innovations which 90s people don’t prefer to adopt. The way these two generations shop, prefer things, choose, interact and prioritize make them different from each other. Talking about economic stability, generation Z people are living a stable life than generation Y.
THE ERA OF DIGITALIZATION IN GENERATION Y AND GENERATION Z
The present generation is moving towards digitalization. So, generation Z prefers digitalization and it is trending not only for one interaction but for advisory, marketing, media, and everything. On the other hand, millennials, i.e. Generation Y prefer to interact physically and values it.
TECHNOLOGICAL VARIATIONS IN GENERATION Y AND GENERATION Z
Everything is changing with technology, but the power of adapting new ideas is still in the hands of Generation Z. Both the generations, i.e. Generation Y and Generation Z want opportunities to grow. Both of them work towards growing not only professionally but personally.
In large incorporations, Generation Y hires Generation Z at times. They hire the young youth focusing more on who they want to be rather than what they want to be. In the same way, young youth also wants people who value their personal as well as professional life.
Although both the generations hesitate to work within the same environment and in larger groups, but, their way of interacting, Integrating, and working towards the common goals promotes innovation.
WHO WANTS CUSTOMER EXPERIENCE?
Generation Y believes that customer experience should be prioritized over others and they are even ready to pay for it. They pay high to raise the standards of customer experience. Both generations are facing the global pandemic.
EFFECT OF COVID 19 ON GENERATION Y AND GENERATION Z
Even in this pandemic situation, generation Y and generation Z have different preferences. Generation Z is adopting digitization and Generation Y has grown up in the digitalized world. The younger generation strives to grab new products and services more likely than the Millenials. They want to convert those existing products through digitalized means.
CHANGES IN THE LIFESTYLE OF GENERATION Y AND GENERATION Z
Generation Y people were not in much favor of the mobile era. They are believed to be in personal touch with each other and enjoy the offline servings of the world. If they wish to buy a multi-featured phone, the younger generation would grow up operating that phone and learning it faster than millennials.
Generation Z is surrounded by the online era of YouTube, Netflix, and other platforms and generation Y is still satisfied with the blockbuster VHS rentals. Generation Y and Generation Z vary both economically and with the lifestyle.
WHICH GENERATION PREFER LONG TERM INVESTMENT?
Millennials are pandered by parents and elders. On the other hand, Generation Z is more pragmatic. They are grown up during the recession period and Millenials are grown up during the economic boom. The generation faced economic uncertainty and a lack of financial support in their childhood. Maybe that is why the present generation is focusing on long-term value and smart investments.
INVESTMENT UPON SPENDING OF BOTH THE GENERATIONS
If we talk about savings, expenditures, and investment of generation Y and generation Z, generation Z prefers savings overspending, and Generation Y wants a high customer experience. At the same age as Generation Z, they believed to grab the entire experience of buying any product. Generation Z is conservative in spending and this is leading them to cover during economic mishappening. But, Generation Z is also active while purchasing and trying the latest products. They believe in high-quality investments and this is the main strategy.
REMINISCING MOMENTS OF MILLENNIALS
Millennials are the biggest consumers and largest buyers of electronic devices like radio, and television. When we listen to the childhood stories of our parents, we always heard about the value of such electronic gadgets in their lives. The family as a whole used to watch television. Radio was the most reminiscing memory of their lives. Movie halls and theaters were also loved by many. These are some ways of Millenials through which they cherished their lives.
This generation of people, i.e. Generation Z, is so into technology that they don’t know the worth of radio. Spotify, gaana.com, and many other apps took the lead and everything is available on the phone. Walking into movie halls and theaters and watching the first show of the first day of favorite actors and actresses is still loved by millennials. On the other hand, Generation Z is fond of Netflix series more than movies. They are busy maintaining their social status more than improving themselves. The favorite songs collection is saved in Spotify, not radios. People prefer to go to a cafe rather than planning a dinner with the family.
TRAVELING EXPERIENCES OF BOTH THE GENERATIONS
However, Generation Y believes that they live only once. So, they try to get a strong experience of everything. On the other hand, Generation Z is more practical in nature. They believe that they deserve more than they have because they are tech-savvy. Generation Z is more confident because of the knowledge of what they have. They want to grow digitally and expect that people should trust them and support them.
In terms of traveling of Generation Y and Generation Z, Generation Y travels more than any other generation. They have a list of their main interest through which they plan their lives. On the other hand, Generation Z is so tech-savvy that they travel the world through the internet.
WHICH GENERATION IS BETTER?
So, both generations have some unique quality or the other. They just need to appreciate the efforts they made to live their lives and adapt to the technological environment.