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MZ generation is a term commonly used to refer to the Millennials, which was born in the early 1980s and early 2000s, and Z generation, which was born in the mid-1990s and early 2000s.
In other words, the MZ generation, ranging from 15 to 39, has 12,713,000 people, accounting for about 24.4% of the Korean population.
[1]
The difference between the previous generation and MZ generation
[edit]| generation classification | the year of birth | proportion of population | media utilization | propensity |
| baby boomer generation | 1950s~1964s | 28.9% | analog | post-war generation, ideological |
| X generation | 1965s~1979s | 24.5% | digital immigrants | materialism, competitive society |
| millennials | 1980s~1994s | 21% | digital nomad | globalization, empiricism |
| Z generation | 1995s~ | 15.9% | digital native | realism, ethical emphasis |
Z generation is the next generation to the Millennials. 'Z' is the last letter of the alphabet, meaning the last generation born in the 20th century. There is no exact standard for dividing generation. Usually, people born before 1984 are called X Generation, born after 1984 are called Millennials, and the generation born after the mid-1990s is called Z generation.
As of 2020, those under the age of 24 are still students or new to society. They look like the 'young millennials', but they have a lot of differences in their mindset and lifestyle.[3]
Media usage
[edit]MZ generation, which has been exposed to digital culture since birth, is known as a generation that is familiar with digital media devices and has natural communication through SNS. In particular, differences appear in the channels used to acquire purchasing information.[4]
| - | baby boomer generation | X generation | millennials | Z generation |
| Search portal sites | 21.86% | 50.33% | 57.09% | 49.39% |
| Search online open market | 2.7% | 9.09% | 11.88% | 9.62% |
| Search social commerce | 0.61% | 3.18% | 6.18% | 6% |
| Visit specific online shopping mall | 1.81% | 4.82% | 4.97% | 5.01% |
| Specific SNS, etc. | 0.87% | 2.49% | 5.89% | 9.85% |
| Offline visit (department store, etc.) | 15.57% | 9.59% | 4.4% | 2.6% |
| Acquisition of information through neighbors, etc. | 56.59% | 20.51% | 9.58% | 17.53 |
Prior to purchasing a product, the preferred route to obtain purchase information was 'portal site search'. The percentage of respondents who answered 'portal site search' was the highest, except for the Baby boomer generation. The purpose or method of using media devices of Millennials and Z generation is expected to be more diverse throughout daily life, including media content consumption, communication, information acquisition, and purchase.[4]
Z generation features
[edit]"Online community members are friends." While non-face-to-face communication is increasing due to the spread of the COVID-19, Z generation is more open to online relationships than other generations.
This is the result of a comparative survey of 1,200 men and women aged between 15 and 59 in the '20th University Tomorrow Research Institute', which divides them into Z generation(ages 15 to 24), Millennials(ages 25 to 39), X generation(ages 40 to 50), and 86 generation(ages 51 to 59) and their perceptions and values of self, relationships, society, the world, and life by generation.
When asked about the types of relationships that each generation considers "friends", 22.3% of Z generation said they consider "Online community members" to be friends. This was higher than the response rates of the Millennials(14.3%), X generation(10.7%) and 86 generation(11.3%). The percentage of people who consider "SNS followers" as friends was also 22%, higher than other generations. Since birth, Z generation, a "digital native" who is familiar with the online environment, has naturally accepted the relationship between digital and reality without distinguishing it.[5]
Born in early 2000 with the information technology boom, they grew up in a fully digital environment such as the Internet since childhood and never experienced an analog environment. Not only are we sensitive to new technologies and changes, but we are also actively using them for consumption activities. For example, online purchases of electronic devices such as clothes, shoes, books, record, and game consoles all exceed 50%.[6]
Individualistic propensity
[edit]According to 'Daum Soft's analysis of Z generation big data', "personalized service", "eating alone(honbab)", and "self-centered" were the most likely keywords to explain Z generation. This gives a glimpse of the tendency of thorough individualism. Z generation follow their own distinct values. "Living like yourself!" is more important than following others' values. They are free-spirited, unconventional, have a strong personality, focus on me rather than others, and are also familiar and active in revealing themselves. Z generation, who has strong self-color and actively expresses themselves, seeks "respect for dislike" beyond "respect for personal tastes". It means "respect what you don't like". In other words, it refers to the act of showing off one's dislikes with respect to one's dislike. This is a generation that wants to be respected even if they don't like something.[7]
Current oriented propensity
[edit]The main life motto of Z generation is"What can give me satisfaction now", such as "You Only Live Once", "Small but definite happiness". The foundation grew up in an era of material abundance, but the tendency to focus on the present life has become stronger due to the uncertain future due to the prolonged economic slump, job shortages and the fourth industrial revolution.[8] Z generation, which values experience, can be seen by preferring to travel abroad without insisting on owning a house and a car. One out of two people in Z generation traveled abroad before they turned 20. This is in contrast to the Millennial generation's choice of 20 to 25 years old(36%) and 26 to 30 years old(29%) when they first traveled abroad.[7]
Work-life balance
[edit]For X generation, 'Work-life balance' says they are satisfied when they have a work-life balance where they are free to use their vacations. Z generation, on the other hand, said it was met they left work on time without working overtime. In other words, the Z generation tended to regard work life as Work-life balance' when they worked as much as they were given without overtime. In addition, this is the same in the Millennial generation.[9]
Economic activity
[edit]Value consumption
[edit]One of the typical characteristics of the MZ generation is 'fairness'. Fairness even influences the propensity to consume, contributing to the social phenomenon of 'value consumption'. So consumption activities reveals the belief that activities are becoming more active. Unfair business, SNS also join the boycott. On the other hand, slightly higher value even if it supports businesses that lead to consumer consumption, good.[10]
Digital economy activity
[edit]MZ generation is showing great interest in financial technology and financial services as they are suffering from the financial crisis and the economic impact of COVID19. In particular, uncertainty in the financial market has increased. Therefore, it leads investment culture in various ways. With the development of electronic finance, investment in gold, foreign stocks has become possible. As a result, direct investment by the MZ generation increased rapidly. According to the Korea Exchange, 56.1% of the gold account holders of the five largest securities companies were in their 20s and 30s. The number of Korean stock accounts in their 20s to 30s also jumped 50% in the first three months of 2020.[11]
Footnote
[edit]- ^ Jung, namsoo. "2019 인구 및 주택 조사 등록 센서스 방법의 결과" [Result of the 2019 Population and Housing Survey Registration Census Method]. Statistical Office Population Survey(통계청 인구총조사) (in Korean). 2020.08.28. Archived from the original on August 28, 2020. Retrieved October 1, 2020.
- ^ Hong, giyoung. "Z세대의 출현과 기업에 미치는 영향" [The emergence of Generation Z and its implications for businesses] (PDF). Korea Chamber of Commerce and Industry(대한상공회의소) (in Korean). 2019.08.19. Archived from the original on August 19, 2019. Retrieved October 1, 2020.
- ^ Kim, jihyun. "밀레니얼 세대와 Z세대의 5가지 차이점" [Five Differences Between Millennials and Z generation]. TTimes(티타임스) (in Korean). 2017.11.30. Retrieved October 1, 2020.
{{cite web}}: Check|archive-url=value (help)CS1 maint: url-status (link) - ^ a b c Shin, jihyeong. "밀레니얼세대와 Z세대의 미디어 이용" [Millennials and Z generation Media Utilization]. KISDI (in Korean). 2019.02.28. Retrieved October 20, 2020.
{{cite web}}: Check|archive-url=value (help)CS1 maint: url-status (link) - ^ Cha, sakrock (July 13, 2020). "대학내일20대연구소 "Z세대.. 디지털과 현실 관계 거부감 없어"" [20th University Tomorrow Research Institute "Z generation..There's no objection to digital and real relationships"] (in Korean). Retrieved 1 October 2020.
{{cite news}}:|archive-date=requires|archive-url=(help)CS1 maint: url-status (link) - ^ "Z세대" [Z generation]. 한경닷컴 사전 (in Korean). Retrieved October 1, 2020.
{{cite web}}: CS1 maint: url-status (link) - ^ a b contenta knowledge team (October 1, 2019). "z세대가 온다! z세대 그들은 누구일까요?" [Z generation is coming! Who are they?]. contenta M(콘텐타 매거진). Retrieved 1 October 2020.
- ^ No, seung wook (Jun 14, 2019). "Z세대가 온다⎢밀레니얼 세대와 닮은 듯 다른 신인류 스마트폰 쥐고 자란 '포노 사피엔스'" [Z generation is coming! 'Pono sapiens', who grew up holding a smart-phone, look like the Millennials, and is a different] (in Korean). 매일경제. Retrieved 1 October 2020.
{{cite news}}: Check|archive-url=value (help) - ^ Han, dong woo (11 August 2020). "대학내일, 세대별 워킹트렌드 비교조사 발표" [20th University, A Comparative Study on Working Trends by Generation] (in Korean). 사례뉴스. Retrieved 26 November 2020.
{{cite news}}: CS1 maint: url-status (link) - ^ "소비에 가치를 더하는 인식 확산...MZ세대는 가치 소비 중" [Spread awareness that adds value to consumption...MZ generation is consuming value] (in Korean). 한국경제TV. November 20, 2020. Retrieved 26 December 2020.
{{cite news}}: CS1 maint: url-status (link) - ^ "금융권에 MZ세대가 뜬다...디지털,부동산 맞춤 공략" [MZ generation is emerging in the financial world. Digital and Real estate Customization] (in Korean). 뉴데일리 경제. November 9, 2020. Retrieved 26 December 2020.
{{cite news}}: CS1 maint: url-status (link)