People born between 1995 and 2010 or ‘Generation Z’ will become the UK’s “most financially influential generation” by 2031, according to teenage entrepreneur Jenk Oz.
The founder and chief executive of Thred Media, Oz told Abta’s Travel Convention in Marrakech that his generation “influence every major family spending decision” and share a “huge pent-up demand for travel after two years of disruption to education and social interaction”.
Oz gave the Convention an overview of ‘Generation Z’ behaviour which he argued was shaped by smart phones, social activism, the financial crisis and global pandemic.
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He said his generation “embody the confluence of technology and social change” and argued: “We want simultaneously to create and consumer on the same platform 24/7.”
Oz told the Convention: “My generation have an inherent problem with trust. We’re fact checkers. It’s said we have an attention span of eight seconds. That is how long it takes for us to decide whether we want to concentrate on something.
“We are identity nomads – we want to form our own identities. Mental health issues are ever present [and] we don’t want to lose our individuality. Diversity and inclusion are massively important.”
He insisted: “We’re moving from away from possession to access – having access to goods and services, not necessarily owning them. Products have become services. Why buy when you can rent or share.
“Travel is an essential part of our lives. We want experience and we want to save for travel – 62% of Generation Z say they work to finance travel.
“We have more freedom and flexibility than any generation before because of hybrid working [and] we’re taking longer trips because we’re able to work anywhere.”
At the same time, Oz argued: “Bargains and deals are necessary. Our travel style is ‘affordable’ with an occasional splurge. We love when we’re entitled to perks. They have a massive impact on us.
“We don’t go to resorts. We dislike package holidays. We dislike all-inclusives. We want to enjoy local culture and explore destinations. We don’t want to feel tied down [and] We want to be able to change our minds.”
He added: “We’re conscious consumers, drawn to hotels that show a commitment to sustainability. Show us what you have done to be more sustainability. Show us how to travel sustainably.”
Oz suggested travel companies offer ‘buy now, pay later’ facilities as “61% of Generation Z report using ‘buy now pay later’”.
And he noted: “We receive two times as many advertisements online as any other generation, so we look away. Ads away from online are more effective.”