Genesys®, a global leader in AI-powered experience orchestration, has released a new research report titled “Generational Dynamics and the Experience Economy.” This report explores the preferences and needs of four distinct generations—Generation Z, millennials, Generation X, and boomers—to help businesses navigate the evolving landscape of consumer and workforce expectations.
1. Generational Attitudes Toward AI and Technology
- Varied attitudes towards AI adoption in the workplace
- Millennials and Gen Z prioritize the latest technologies in customer service and as employees
- 55% of millennial consumers value emerging technologies, compared to 22% of boomers
- 67% of Gen Z and millennials expect employers to provide the latest technologies
2. Expectations for Customer Service and Personalization
- Millennials set high standards for customer service, desiring personalized interactions and seamless transitions across communication channels
- Importance of personalized interactions: 65% of millennials vs. 49% of boomers
- Demand for self-service options and proactive updates higher among millennials
3. Influence of Peer Opinions
- High reliance on customer reviews and ratings among Gen Z and millennials
- 68% of Gen Z and 76% of millennials consider peer opinions in purchase decisions
- Lower reliance among boomers, with only 39% placing importance on peer reviews
4. Importance of Personalization
- Personalization is a critical expectation across all generations
- Younger cohorts are more willing to share data for a personalized experience
- 43% of Gen Z and millennials are willing to provide additional information for personalization
5. AI’s Role in the Workplace
- Minimal fear of AI replacing jobs among employees
- 10% of Gen Z/millennials and 7% of Gen X/boomers express long-term concerns about AI
- Opportunity for organizations to educate employees on AI benefits
6. The Need for Flexibility in Work Arrangements
- Strong preference for hybrid or remote work across all generations
- 71% of Gen Z/millennials and 70% of Gen X/boomers prefer flexible work options
- Flexibility and work-life balance are top expectations for employees
Key Findings
- Millennials Set the Bar for Customer Satisfaction: Highest standards for customer service and personalized interactions.
- Technology Influences Younger Generations: Significant impact of emerging technologies on customer service and workplace expectations.
- Peer Opinions Move the Needle: High value placed on customer reviews by Gen Z and millennials.
- Personalization Should Be a Priority: Strong willingness among younger generations to share data for personalized experiences.
- Expectations for AI: Low fear of job replacement, but high potential for efficiency improvements.
- Employees United on Flexibility: Universal demand for flexible work arrangements.
In today’s experience economy, understanding the unique preferences of each generation is crucial for businesses aiming to foster loyalty and drive growth. Genesys’ report underscores the importance of leveraging AI and personalization to meet diverse customer and employee expectations, ensuring remarkable experiences that resonate across generational lines. As businesses adapt to these insights, they are better positioned to thrive in an increasingly dynamic market.