PART 2: Gen-Z and a Sharing Economy
As part of an ongoing research project into trends, our summer intern from High Point University in NC, GianniPellegrini, has written a series of articles, with this being the second in the series.
It is becoming more apparent that Gen-Z was ushered into the “sharing economy” that blew up with millennials. One of the more popular trends is using ride sharing or rental services to eliminate the financial issues that can come with car ownership. Some are doing this because they don’t deem a car necessary, but more millennials said that they would be less likely to purchase a car in the near future than a luxury bag.
Big car manufacturers such as Ford, who makes a range of vehicles suited for millennials and Gen-Zers, now need to figure out how they can still market their products to them. Sheryl Connelly, the In-House Futurist for Ford, said, “We’re ready for you. If you want to buy a car, we’ve got it for you. If you don’t want to buy a car, we can still help you there. Their solution was Ford GoBike, a California Bay-Area bike rental service where you can pay by trip, day, or month, and then return the bike to a designated station. GoBike was developed not to sell cars, but to sell the brand.
Giving Gen-Z a chance to experience a company’s products and values through rental services creates a sense of brand loyalty. Even though all users are treated the same when it comes to customer service, there is an individual connection between the user and company.
Gen Z are those born in and after 1996.