With the oldest among Gen Z about to be alive for a quarter of a century this year, many are likely to be shifting their shopping habits and their expectations about brands in a more practical direction than when they were in their teens. When it comes to product innovation, a new study from Snap Inc. and Cassandra found that Gen Zers first and foremost want affordability and performance.
Nearly two-thirds (64%) of the Gen Z respondents surveyed for the study believe that companies have a responsibility to innovate, with 62% saying companies must do so in order to remain relevant. So, what kind of innovations are important to these young consumers?
Nine in 10 Gen Z consumers feel that making the product more affordable is one of the most important improvements (Top 2-box) that brands could make to a product they are already using. Improving the product’s performance is also considered important by 88% of respondents. Gen Zers also cite making the product more accessible (84%) and helping to make their lives easier (82%) as desired benefits of product innovation.
The Gen Z consumers surveyed want similar innovations from brands they haven’t used yet: they likewise rank affordability (85%), performance (83%), accessibility (79%) and convenience (78%) as the most important improvements brands can make to a product.
Gen Z consumers also want to be listened to. Some 82% say they are more likely to support a company that makes changes based on customer feedback, whether it be positive or negative feedback. And, it’s not just Gen Zers who want companies to listen and take action. Research from last year revealed that 18-34 year-olds were more likely to be loyal and recommend brands that addressed their feedback left via social media. And past research has shown that companies that involve direct customer input in their innovation processes report higher satisfaction with a variety of innovation areas than those who don’t.
Read more about the Snap Inc. and Cassandra study here.