Healthcare is a vital component of our lives that affects people of all ages. With Gen Z becoming the largest demographic in the workforce and gaining more purchasing power, it is imperative for healthcare providers to cater to their unique needs and preferences. By doing so, providers can not only improve the overall quality of care but also increase engagement and loyalty among these younger demographics. In this article, we will explore why healthcare should prioritize the younger generations and what steps providers can take to meet their evolving expectations.
Who is Generation Z?
The distinct approach that Millennials take toward healthcare as compared to the Baby Boomers, and Gen X is well known. Technological advancements, as well as shifting social and economic factors, have contributed to this disparity. As the relationship of Generation Z with technology continues to evolve, it is expected to have an impact on their perspective toward healthcare as well.
Generation Z, also known as Gen Z, refers to individuals born between 1997 and 2012, with the oldest members being 26 years old and the youngest being 11. With many of them entering the full-time workforce and gaining purchasing power, they are becoming a significant force in the economy.
Being “digital natives,” Gen Z has been exposed to technology from an early age, unlike previous generations. While older Millennials received their first cell phone at an average age of 20 and younger Millennials at 16, Gen Zers already had their own phones by the time they turned 12. A survey revealed that more than half of Gen Zers feel more insecure without their smartphone than without their wallet. Social media is a big communication channel among this generation.
The fashion trends from the 2000s have a special place in the hearts of Gen Zers. In the recent months, there has been a resurgence of these trends among them. According to marketing experts, this reflects a blend of old and new – Gen Z desires vintage products but with a renewed emphasis on sustainability and social consciousness.
The personality of Generation Z
Gen Zers tend to have a high level of distrust, extending beyond politics. According to a report, 70% of Gen Zers feel that the government should take greater responsibility in addressing societal issues. This scepticism also extends to brands, with only 39% of Gen Z internet users having faith in a brand’s ability to safeguard their data.
Deloitte conducted a survey that revealed 24% of Gen Zers do not trust business leaders, 30% do not trust traditional media, and 49% do not trust religious leaders. While experts suggest that it may be part of the teenage experience, this trend could persist as Gen Zers enter adulthood.
Gen Z holds significant purchasing power with a reported $143 billion in direct buying power, as reported by AdAge. Among the notable financial behaviours of this generation is their preference for Buy Now, Pay Later (BNPL) services, which have gained popularity.
According to McKinsey, Gen Zers prioritize uniqueness over conformity, making brand loyalty less important to them. They are always on the hunt for the next innovative and distinct product. Furthermore, experiences hold more significance for them than material possessions. They would rather invest in activities that enrich their daily lives, such as hobbies and home entertainment.
The impact of Gen Z on the Healthcare industry
Though they are the first fully connected generation, a survey has shed light on Gen Zers’ attitudes towards healthcare. According to the report, a significant majority of this generation – 66% – prefer to have some sort of in-person experience when it comes to their healthcare needs. This indicates that, despite growing up in a world where technology plays a significant role in their daily lives, Gen Z still values the human touch when it comes to their health.
The report also found that Gen Zers are more likely to spend time and money on preventative health measures, as opposed to only seeking medical attention when they are sick or injured. This proactive approach to healthcare is a positive trend that is likely to have long-term benefits for this generation’s overall health and well-being.
Healthcare providers and organizations should prioritize catering to the needs and preferences of Gen Z for several reasons. Firstly, this generation is rapidly becoming a major consumer group with significant buying power. As mentioned earlier, Gen Z currently has $143 billion in direct buying power, and they are expected to become the largest consumer group soon.
Secondly, Gen Zers prioritize uniqueness and innovation over conformity and traditional brand loyalty. Healthcare providers who differentiate themselves with innovative solutions and unique experiences are more likely to capture Gen Z’s attention and loyalty.
Finally, Gen Z’s increased focus on preventative health rather than episodic reasons presents an opportunity for healthcare providers to offer personalized, holistic solutions that align with this group’s values and preferences.
In conclusion, healthcare providers who cater to the unique needs and preferences of Gen Z can capture a significant market share and establish a loyal customer base. By investing in personalized solutions, offering unique experiences, and prioritizing preventative health, healthcare providers can position themselves as leaders in a rapidly changing market.
Our skilled team at Convergence Concepts specializes in crafting B2B marketing campaigns that cater to the needs of medical companies. Reach out to us at email@example.com for tailored solutions for your company.