Sometimes, recycling an old idea is better than creating a new one. This has been true with nostalgia products, especially during the past two years when times were hard due to the global Covid-19 outbreak.
Nostalgia is a powerful tool because it triggers a potent emotional response from consumers. During difficult times that are filled with uncertainties, people tend to find comfort and security in nostalgia. The formative years are the most impressionable on consumers.
The target audience that is important to note is Gen Z. They are important to the market because Gen Z make up a large percentage of consumers today. In the U.S., they make up 40% of the consumer base and it is predicted by 2026, Gen Z will surpass millennials as the biggest consumer group.
Brands that are targeting Gen Z need to be authentic and have values. Gen Z consumers are loyal to businesses that support the causes they care about. They want to know that the businesses they support care about the world. And when brands are transparent about their causes, they gain part of Gen Z’s disposable income long-term.
For instance, sustainability is an important theme to consider. For Gen Z consumers, money is not always their biggest priority. They would rather buy a sustainable product that’s a little pricey to support a small business. To them, it’s about doing their part for the world and adding value to their lives. It’s about making purchases that have values and principles.
To attract Gen Z consumers in these dire times, nostalgia can be used as a tool. However, it will only work when the brands are authentic and transparent with their causes.