The company’s latest Youth Culture Report
, based on research that covered Johannesburg, Durban and Cape Town, revealed that the new generation, born from 1993 onwards, no longer fit into the ‘millennials’ category.
The new Youth Culture Report
dispelled several myths held about the youth, such as the notion that 'young people are lazy and entitled; defiant of authority and therefore unemployable'.
Another myth was that the youth are not interested in reading challenging material. The view that the youth are a homogenous, predictable group was also revealed to be untrue.
At a recent presentation held by Student Village, CEO Marc Kornberger revealed insights into the habits of the Centennials generation.
"Our research shows that this generation has serious spending power, spending R32-billion per annum, which is more than the average South African," Kornberger says.
"We know that brands want to target them, but don’t know how to be relevant. The research aimed to dive deeper into the new youth generation, looking at their drivers, values and what makes them tick," he adds.
Kornberger says, "Swimming against the tide, this new group is creating their own culture, telling their own stories, setting their own rules and living by them."
"Unlike previous generations, this one is fearless and willing to take risks. They are exploring entrepreneurship earlier. Their understanding of the Internet and social media has made it easier for them to run their businesses operational – almost at no cost – simply by using the web," he adds.
"They value money and power and strive to attain it by working smart rather than working hard," he says.
The report revealed the following insights about Centennials:
- They were born into a digital world and are digital natives.
- The youth look to new technology that can help them save money while having fun in the process.
- Centennials have become even more image-conscious than their Millennial predecessors and are selective about what they share on social media.
- Rather than spending money on material things to show off on social media, millennials opt to use their extra income to pay for unique experiences.
- This generation believes in setting itself apart from the rest as opposed to blending in.
- They are more interested in politics than they ever been before, and have chosen to use their biggest weapon, social media, to express their thoughts about social injustices like the #feesmustfall and #blacklivesmatter campaign.
- More than just the fear of missing out, there now exists a greater fear within the youth culture, and that is the fear of being irrelevant. They want to stay connected – always.
"Contrary to popular belief, Centennials aren’t lazy and want handouts. In fact, they are self-reliant and believe in the spirit of hustling, going out there and getting what’s yours," says Kornberger.
"This new group represents a huge part of the population, and they have great influence on the country’s economy; what they like stays, and what they hate goes," he concludes. "Centennials have become more relevant as we see them engaging with culture, but mostly creating culture."
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