Major Product Design Project: Target Market Research

 My product design project 'Fruity Mood' is aimed at Gen Z and Millennials, this post will contain research into the two generations.

Gen Z is the generation that was born between 1995 and 2019 and is the second youngest generation. Their usage of technology exceeds the other generations, as they grew up with relatively modern technology, it is easy for them to learn how to use new technological devices and they use the internet on a daily basis. This means that Gen Z is going to find out about new products through the internet, not by reading a paper or advertisements on television. 'Gen Zers flock to corners of the internet where they can discuss their passions and interests with those who share them.' (McKinsey, 2023), this indicates that products should be advertised in the correct 'corners' on the internet, this is all based on the algorithms that social media use. 

Gen Z grew up in a global economic crisis and are unlikely to spend a lot on products, however, they are more likely to spend on products or services that could improve their mental health as this generation is more open about this topic. The looming climate crisis that will dictate their future makes Gen Z more aware of sustainability and how to incorporate it into their daily lives and spending habits. 'If a member of Gen Z doesn't agree with the morals of a company, many of them will boycott the products completely and get their friends to do so as well.' (Fromm, 2022). 

44% of Gen Z is concerned about Climate Change

 

 Millennials are the generation born between 1980 and 1994. It is by far the largest generation and most of them grew up with technology. They tend to buy products that are useful or meaningful to them and get good reviews online or from friends. Since millennials' social media use is similar to that of Gen Z if not more, they will find new products online.

 

  Millennials Seek Out the Opinions of Others When Buying

 

Millennials care about recycling and sustainability, it is important for businesses and products to adhere to these rules. '35% say they always try to recycle, and 59% say they’d rather pay more for an eco-friendly version of a product.' (Henderson, 2023). However, they also prefer spend less, which means products should be sustainable and affordable at the same time.

This generation is more likely to comment on products or post on social media about products than Gen Z. Most influencers are millennials, this means that through sharing products they can reach other generations that are likely to be influenced by individuals with a larger online presence and following. '66% of Millennials post photos or comments about products, retailers, brands, etc. on social media sites (compared to 58% of Gen X and 40% of Boomers).' (Gopinath, 2015).

This research emphasises how important sustainability is in my own product, without it it would be difficult to sell to my target market. It also means that my product should not be too expensive and advertisement should be done through social media.

Update: 

Below is my ideal customer, I made this profile by using a free template on Venngage. 

References:

McKinsey (2023). What Is Gen Z? [online] www.mckinsey.com. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z [Accessed 16 Feb. 2024].

Fromm, J. (2022). As Gen Z’s Buying Power Grows, Businesses Must Adapt Their Marketing. [online] Forbes. Available at: https://www.forbes.com/sites/jefffromm/2022/07/20/as-gen-zs-buying-power-grows-businesses-must-adapt-their-marketing/ [Accessed 16 Feb. 2024].

Henderson, A. (2023). 9 Millennial Characteristics to Know for 2023. [online] GWI. Available at: https://blog.gwi.com/marketing/millennial-characteristics/ [Accessed 16 Feb. 2024].

 Gopinath, M. (2015). The 5 Truths That Define Millennials. [online] Ipsos. Available at: https://www.ipsos.com/en/5-truths-define-millennials [Accessed 16 Feb. 2024].