Generation Z wants brands to do good: report
Young people expect brands to align with and reflect their own morals and values, according to a new report.
The report, Gen Z Insights: Brands and Counterfeit Products, was released yesterday, May 16 by the International Trademark Association.
It found that 85% of 18-23 year olds believe brands should aim to do good in the world.
It surveyed 4,500 people in 10 countries in a bid to understand the relationship between Generation Z and brands, and their perceptions of counterfeit products.
Countries included in the survey were Argentina, China, India, Indonesia, Italy, Japan, Mexico, Nigeria, Russia, and the US.
But, when it comes to purchasing counterfeits, the report found that “when Gen Zers consider their income against their morals, income wins”.
Of the 10 countries from which people were surveyed, the rate of purchasing counterfeits was the highest in Argentina (89%), India (89%), Nigeria (97%) and China (84%). It was the lowest in Japan (46%).
“Functional benefits like price and accessibility come to the forefront as reasons why Gen Zers buy fake products,” the report said.
The income of Gen Zers might be pushing them towards purchasing counterfeits. According to the survey, 39% of respondents said whether or not they would purchase counterfeit products “depends on the situation,'' while 48% were against purchasing fakes.
When asked about the benefits of purchasing counterfeit products, 57% say they can only afford the fake version of some brands and 58% said fake products were easier or more convenient to find than genuine products.
INTA’s president and head of trademarks, domain names and copyrights at Novartis, David Lossignol, said brand owners need to pay attention and adapt marketing strategies to Generation Z.
Lossignol said: “The door is open to change the mindset and buying habits of this significant group of consumers.”
“It’s incumbent on all of us to jump on that opportunity through education. We need to drive home the message that not only are counterfeit products dangerous, they are also socially unacceptable,” he said.
Additionally, INTA also surveyed Generation Z on their knowledge of IP rights. It found that 85% of young people had heard of IP rights and 93% had a lot of respect for people’s ideas and creations.
The countries with the largest percentages of Gen Zers who have any knowledge of IP rights are China, Japan, Russia, and India.
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