Ever wonder how Generation Z, aka Gen Z, plugs into auctions?
Born between the mid-1990s to the early 2010s, this demographic group probably has a different understanding of the term “auction” than previous generations. Also known as the Centennial Generation, this cohort group has a keen sense of social issues and trends. Members of Gen Z are digital natives, meaning they can engage with auctions more quickly than any previous generation.
To Gen Z bidders, an auction is perceived as a fun and exciting way to purchase goods or services, especially when it is done online or through social media platforms. Auction platforms and marketplaces have been a part of the e-commerce ecosystem their entire lives. Many Gen Z individuals see auctions as an opportunity to acquire unique or rare items and find good deals on things they are interested in.
One of the most significant growth areas for Gen Z in the auction space is as bidders and donors to auctions to support charitable causes. Auctions have become a fun and exciting way to engage with causes and movements important to their point of view. They may also appreciate an auction’s transparency and fairness, as items are sold to the highest bidder, and the process is structured and organized.
Many Gen Z auction professionals quickly become the leaders of auction firms or start their own auction enterprises, while others enter the auction field in all work areas, including as auction entrepreneurs, auctioneers, and catalog and inventory specialists. This is in addition to working in accounting and HR in auction businesses. One of Gen Z individuals’ most significant impact in marketing is the immediate effect they can have on how auction firms market themselves and their inventory. Building and promoting auction brands to new audiences and sectors is one of their best talents.
Overall, to Generation Z bidders, an auction is an entertaining and engaging way to acquire goods or services while contributing to various causes or organizations.