How The Increase of Gen Z's Buying Power Will Effect Meetings & Events

Read the essay below about Gen Z and answers three of the following questions:

How The Increase of Gen Z's Buying Power Will Effect Meetings & Events

Generation Z is a growing cohort of today's world, and not just in physical numbers but in influence, resourcefulness, intelligence, resilience, and power as well. There are so many characteristics that help articulate what exactly sets this generation apart from others and proves that they are quickly becoming powerhouses in the world of meetings and events. This group of individuals are roughly from the mid-to-late 1990's to the early 2010's which has naturally made them proficient with the ever-growing concept of technology. They're also competitive, financially focused, welcoming to change, and they enjoy other people while also embracing their independence. Being the most ethically diverse and one of the largest generations in American history comprising 27% of the total US population, members of Gen Z have grown up to be social warriors and will continue to make a large footprint in the hospitality industry.

In the first month of 2022, it was discovered that Generation Z is on its way to becoming the largest unit of consumers in today's world. Considered as the most pivotal generation to the future of spending, their buying power will continue to grow well past 2026 and they will only get more selective of what they actually want to spend their money on - which is the experience and not just a destination or product. Seeing that generation Z prefers an entire experience over a location, it makes them more susceptible to selecting venues that offer special encounters - like hands on workshops to opportunities to try something new. Simply showing up and attending events isn't enough for the newer generations, which means they will continue to be more than happy to spend some extra cash for a more memorable experience. You can compare this to earlier generations, like Millennials or Gen X, who are much more minimalistic in their requests for lavish experiences. Gen Z preferring experiences will help businesses, venues, and vendors in the long run because it will give them an adventure to tell their friends about which will, in turn, promote more business for the brand.

Generation Z also cares a good amount about the environment, seeing that over the course of their entire lives they've been consistently warned about global warming and informed on eco-friendliness. Being so, it's rather popular for this generation to put a lot of effort regarding this matter into their travel habits by prioritizing eco-friendly trips, sustainable hotel practices, and even doing good in their destination's community. However, to be sustainable and eco-friendly takes more time, effort, and resources... which in-turn costs more money for everyone involved. This cohort cares more than most other generations have about the environment around them, so they likely won't bat an eye at paying a bit more for a further sustainable and green experience.

This crowd also favors personalization with many things that they do, especially with meetings and events. Again, this costs more money as opposed to each attendee receiving identical gadgets, party favors, or souvenirs. Some meeting and event planners go as far as personalizing RFID badges or bracelets that store specific data about each attendee which can make their lives a whole lot easier. Tools like these could change the game for networking events by alerting attendees on their credentials that a person they wish to network with is nearby. Engagement is extremely important to all meeting and event individuals, so interactive experiences and convenient technology is one way to really improve Gen Z's experience. Although, if we were to compare their thoughts regarding this matter with Gen X or earlier groups, the older individuals would find this personalization element creepy and maybe a bit too personal. Generation Z is sure to continue admiring the trend of favoring technologies like these, so that they truly get the most out of their meetings and events.

Gen Z, otherwise known as the "Zoomers", are enthusiastic and are welcoming of the idea to better their experiences in any ways that they can, regardless of the price. Being fully submerged in the event will not only give them a better story to tell but will help gain more loyalty and interest from them. This generation promotes lots of promise in the world of meetings and events, and they are just getting started.

Questions:

• In your opinion, do you think any of the attributes of Gen Z mentioned could end up failing within the industry? How about any that could really fast-forward the industry?
• How do you think meeting and event planners can implement these new strategies with younger generations, while also catering to the importance of comfort for older generations?
• Are there any other important characteristics of this generation that you believe will lead them to becoming the lead group of consumers? Do you think there's anything that could potentially stop this from happening?