Millennials And Gen Z-ers Distrust Businesses: Study

• by Ray Schultz , Yesterday

Marketers attempting to sell to millennials and Gen Z-ers may have their work cut out for them.

Several surveys show that these cohorts like hearing from brands by email, and even more by social media. But a new study by Deloitte documents some grim findings.

For one, economic and social/political optimism are at record lows. Younger people have little faith in mass media and the possibility of social progress.

In addition, they are not very happy with their lives, their jobs, their finances and the way their data is used. And they are dissatisfied with government and business leaders. 

Furthermore, millennials are suspicious of business leaders' "impact on society, their commitment to improving the world, or their trustworthiness."

Only 55% of the groups now say business has a positive impact on the wider society, down from 61% in 2018 and the 70% total for the previous four years. Millennials largely feel that businesses are out only for profit.

And 73% are worried about the security of their personal data held by businesses, while 70% are concerned about their data held by governments.

As for the economy, only 26% of the millennials expect the economies of their countries to improve over the next year.

The study notes that this percentage has never dipped below 46% -- until now.

On the positive side, both age groups will support companies that reflect their values. On the negative side, many will jump when they disagree with a firm’s “business practices, values, or political leanings.”

But don’t think of them as lost generations, especially the Gen Z-ers. Of those surveyed, 45% are eager to start families, versus 39% of the millennials. In addition, 52% of the Gen Z-ers want to buy their own homes, compared with 49% of the millennials. Also, 56% want to earn high salaries, as do 52% of millennials 

The groups are about equal in their desire to travel and see the world (57% apiece) and to make a positive impact on society (47% of the Gen Z and 46% of the millennial respondents).  

Deloitte surveyed 13,416 millennials and 3,009 Gen Z-ers globally.