Anticipating Trends: Millennial and Gen Z Consumer Behavior in 2024
“The heart of the intelligent acquires knowledge, and the ear of the wise seeks knowledge” (Proverbs 18:15).
I am often asked how faith-based business leaders can cater to consumers while staying true to our faith. This question leads me to offer a bold statement: The belief that “the customer is always right” is a distraction. It is God who is always right.
Keeping this truth in our hearts will help us serve consumers more than the most meticulously curated marketing campaign. As Scripture tells us:
Trust in the Lord with all your heart,
on your own intelligence do not rely;
In all your ways be mindful of him,
and he will make straight your paths.
Do not be wise in your own eyes,
fear the Lord and turn away from evil (Proverbs 3:5-7).
So, how can we ensure our business initiatives align with our faith? Let’s dive into a few consumer predictions and how we can navigate this landscape as we step into 2024.
Sustainability and God’s Creation
The integration of sustainability and ethical consumption into business strategy is both trendy and supported by Catholicism. Just as God directed Adam to cultivate and take care of the Garden of Eden (Genesis 2:15), we must also treat the earth with respect, because it is God’s creation. Many faith leaders emphasize the moral imperative of caring for our common home. It is a valuable frame of mind to consider when approaching the environmental consciousness of our millennial and Gen Z consumers in 2024.
A consumer study by PDI Technologies uncovered data showing 77% of Gen Z and 72% of millennials are open to paying more for sustainable products. Businesses can leverage this trend by adopting eco-friendly practices, partnering with local vendors, using transparent supply chains, and creating business goals that give back to the earth. Sustainability not only addresses the environmental concerns of younger consumers but also runs parallel with the principles advocated by faith.
Experiential Values Aligned With Faith
As a former athlete, I’ve always appreciated the bond cultivated by being a part of a team with a common goal. I now apply this mindset to the different communities I am involved in. There is something compelling about being part of a network that connects individuals to experience life together.
Recent research suggests that millennials and Gen Z prioritize experiences over material possessions. To resonate with these consumers, businesses can hold interactive classes and workshops relevant to their industry. Product demonstrations or presentations allow consumers to experience a service or product firsthand and in a group setting. Hosting holiday-themed sample events, launch parties, and customer Q&A sessions; sharing custom handwritten comment cards and monthly book recommendations; and even offering simple storytelling gatherings can trigger that intrinsic human craving to be a part of a community.
Additionally, nurturing the internal operation is essential for leaders in any industry. Here are a few ideas to refresh best practices the new year:
In-depth knowledge review of company services and offerings.
Remediation and escalation cadence for consumer questions.
Daily prayer moments with internal employees.
Habitual outreach and interaction with customers to drive engagement.
Review of consumer feedback at a granular level.
Collaborating and learning from the stories and experiences of counterparts.
Ultimately, faith-based business leaders can cater to the demand for meaningful engagements by showcasing the beautiful communities we’ve built through our faith. Perhaps these younger generations are seeking to fill the “God-shaped hole” in their hearts. This approach not only aligns with consumers’ experiential preferences but also fosters a sense of connection grounded in faith.
Marketing for Digital Natives
In a survey by the International Council of Shopping Centers, 85% of Gen Z respondents said social media impacts their purchasing decisions. Lately, I’ve witnessed the challenges faith-based businesses face when using these tools, leading some to avoid them altogether, and I don’t blame them. On the other hand, given that social media has already elbowed its way into the lives of younger generations, many businesses still see the value in these pervasive platforms.
Incorporating faith-based content, such as virtual gatherings, prayers, or interactive online experiences can help faith-focused leaders reach and engage with a wider audience. As leaders in the Catholic community, it’s important that we emphasize putting God first when communicating the foundational “why” of our companies. The integration of technology can enhance the overall consumer experience, making faith-inspired products and services more accessible and appealing to younger generations.
Call to Action
By understanding the unique values of millennials and Gen Z, faith-focused business leaders can lead with purpose and meet the expectations of consumers in 2024. Integrating sustainable practices to care for God’s creation, curating meaningful experiences inspired by faith, and calibrating our online tools with the teachings of God will strategically position our businesses to transform the consumer marketplace.
Most importantly, as business leaders gracefully enter the new year, it is essential that we take the time, first within ourselves, to recognize that we are blessed. We can be thankful to God even for the opportunity to stress over business planning, and we can trust His direction that led us to embark on this journey. It is only then that we will have the strength to combat the dark side of social media or unethical monetary priorities.
The fortuity of our circumstances has led us to the present moment, when we are called to use our unique God-given gifts across the industries we lead. I don’t know about you, but this sentiment alone fires me up with ideas and possibilities for faith-fueled initiatives in 2024.
Catherine Pricone is a certified Cloud Practitioner, Solutions Architect, and LSS Professional currently working as an Enterprise Account Executive at Amazon Web Services. With over 9 years of corporate leadership experience in the IT and client solutions industries, Catherine serves as a mentor to women in business and emerging professionals, committed to propel others toward success and spiritual fulfillment. The published author of Tapped Millennial (2020), Catherine earned her Bachelor’s degree in Communication, minor in Journalism, and competed as an NCAA athlete at Randolph-Macon College. Catherine was proudly raised in a military family with 10 childhood moves, which led to perusing her volunteer role as Marketing Manager of the 11/11 Veteran Project. Connect with Catherine on LinkedIn.