Gen Z Has Made ‘Social Currency’ a Must-Have for Brands

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(jingdaily.com) - Gen-Z consumers and the brands that are highly relevant to them are of utmost importance for two reasons. First, to be relevant to young millennials, companies have to target even younger consumers (age 16-20 years old) since they act as key influencers to consumers that are between the ages of 25-30 years old. Second, most established luxury brand CEOs all have the same problem in that they only appeal to customers over 40 while struggling to connect with young millennial or Gen-Z consumers. And since brand preferences are built when customers are quite young, these brands are risking their futures by not appealing to these younger generations. The hardest thing for most brands to acquire today is “social currency” — in other words, recognition as a relevant, hip, or compatible brand by young customers. To hit this zeitgeist, brands must go much further than just creating young-looking products. The entire brand must be seen as hot to thrive. Even being “somewhat” authentic isn’t enough. In regards to social currency, brands either have it or don’t.