LSN : News : Stat: US Gen Z do not solely define wealth as financial security

Catch up on our webinar: three key strategies to boost business growth in China

AI imagery by The Future Laboratory, UK

Global – Is your business looking to accelerate business growth and innovation in China? On 30 August 2023, The Future Laboratory and our China specialist sister agency Hot Pot China co-hosted a webinar sharing key insights and how-tos geared towards businesses targeting the Chinese market.

Jonathan Travers-Smith, founder and CEO of Hot Pot China, kicked off the session with an insight-packed presentation focused on three key aspects to supercharge growth in China: the imperative to understand Chinese consumers, the localisation of brand messaging for the market, and lastly the challenge of channel selection.

The Future Laboratory’s co-founder and chief creative officer Chris Sanderson hosted a panel discussion with leading industry professionals to further unpack how businesses can apply these lessons to thrive in the Chinese market.

‘China is extremely competitive, estimated to be four times more competitive than more established Western markets,’ stressed our panellist, former APAC brand and digital director at Pentland Brands, Jessica Linsen. For more insights helping you get that competitive edge in China, you can access the recording of the full webinar on LS:N Global.

The Works introduces trust marks to distinguish AI from human work

AI imagery by The Future Laboratory, UK

Australia – In August 2023, creative agency The Works, a division of Capgemini, introduced trust marks to distinguish the role of generative AI from human skills in its projects. This move aims to clarify and discuss ethical standards for AI use in the creative industries. It also marks an industry-first step towards harmonising divisive technology with human creativity in full transparency with clients.

Divided into Original Human Thinking and AI Supported Thinking, these trust marks provide a straightforward indication of the creative process behind each project – from a strategy brief to a visual asset.

By introducing these marks, The Works addresses current industry gaps and highlights the timely relevance of balancing AI and human involvement.

'Alongside a set of principles for the use of AI in a creative agency, we wanted not just to disclose how we are using generative AI to our clients, but also to provoke a discussion on what is ethical and what can drive productivity and new ideas in a world imbued with AI,’ said Douglas Nicol, partner at The Works. ‘Our mission goes beyond mere transparency. We aim to kindle a discourse about the ethical dimensions and productivity potential inherent in an AI-infused world.’

Highlighting a distinct shift in the sector, the agency adds a layer of accountability that hasn’t been prevalent in the space, setting a new standard within the Generative AI Creativity Market.

Strategic opportunity

Amid AI scepticism in the creative industry, consider promoting ethically sound AI collaborations and enhancing transparency and credibility in AI-supported work to foster lasting connections with your clients.

Stat: US Gen Z do not solely define wealth as financial security

Wise. Identity by Ragged Edge

US – In its 2023 Young Investor Research report, US Bank reveals how American Gen Z, in contrast with their elders, define wealth as more than financial security. The survey asked 3,000 active investors, and 1,000 aspiring ones, to select up to three options on how they define wealth. Some 38% of Gen Z respondents defined it as ‘having a better quality of life’. Being financially secure only came in second place (36%), followed by ‘living life how I want’ (28%).

Among Baby Boomer respondents, 61% agreed that wealth is simply having financial security. Their second-most standard answer was ‘having good health’ (33%), followed by ‘being able to afford what I want, not just what I need’ (28%).

According to Gunjan Kedia, vice-chair of wealth, corporate, commercial and institutional banking at US Bank, American youth face multiple financial challenges on top of a general cost of living crisis, which could explain why their definition of wealth differs. In the report, she mentions college tuition costs have increased by 169% since 1980, home prices have risen by 540%, and the average student loan borrower carries £29,280 ($37,000, €34,000) in debt.

In our analysis of the Money Market for Gen Z, we previously highlighted how this generation of pragmatists have a conservative approach to spending that is offset by a progressive view of financial technology.

Strategic opportunity

Emphasise how your brand can help Gen Z consumers live life on their terms. Highlight the ways your products or services can enable them to pursue their passions, interests and hobbies, thereby fulfilling their desire to have a better quality of life