Dental practices must adapt to meet the needs of millennials and Gen Z to stay competitive
Millennials, the largest population segment at 73 million people, currently account for 21% of healthcare spending. This tech-savvy generation has driven significant changes in the dental industry; however, Generation Z, the newest young adult generation, is expected to turn the healthcare industry on its head. With this generation’s focus on immediate results and unique perspectives on efficient dental care, practices must adapt and cater to the needs and wants of both generations to stay competitive in the market.
To effectively operate a modern dental practice that caters to the two largest population segments of today, it is essential to be aware of the following key facts:
01 – 61% of millennials want real-time payments with 65% of global consumers expected to leverage a digital wallet by 2030.
02 – Online appointment scheduling is preferred by 50% of individuals aged 18 – 44, compared to only 20% of those aged 65 and older.
03 – Both millennials and Generation Z are avid social media users with over half of each generation checking social media multiple times a day. On average, Generation Z spends over two hours daily on social media, while millennials are the most active with 32% posting daily or multiple times a day.
04 – Three-quarters of Generation Z prioritize environmental sustainability as their top concern when making purchasing and pursuing services.
05 – Real-time eligibility verification addresses the desire of both millennials and Generation Z for transparent dentistry billing. By eliminating guesswork, this solution enables dental providers to help patients to comfortably budget for dental treatments by providing insurance verification, enhancing financial planning and satisfaction.
06 – Amazon, Apple, and/or Google are the preferred tools to use when finding the right healthcare services for 42% of individuals between 18-44 years of age.
07 – A significant concern for 75% of Generation Z and 48% of millennials is the potential impact of their health preventing them from fully experiencing life’s possibilities.
08 – Generation Z values convenience above all else, seeking minimal interactions and avoiding waiting in line. Their lack of loyalty to a single practice means failure to provide their desired convenience may result in them seeking alternatives.
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“61% of Millennials Want Real-Time Payments – the Challenge Is Acceptance.” Pymnts.Com, 2 May 2023, www.pymnts.com/real-time-payments/2023/61percent-of-millennials-want-real-time-payments-the-challenge-is-acceptance/.
Coe, Erica, et al. “Gen Z Mental Health: The Impact of Tech and Social Media.” McKinsey & Company, 28 Apr. 2023, www.mckinsey.com/mhi/our-insights/gen-z-mental-health-the-impact-of-tech-and-social-media.
“Gen Z Cares about Sustainability More than Anyone Else – and Is Starting to Make Others Feel the Same Way.” World Economic Forum, www.weforum.org/agenda/2022/03/generation-z-sustainability-lifestyle-buying-decisions/.
Halton, Rick. “Industry Voices-Generation Z Is a Game Changer for Healthcare.” Fierce Healthcare, 15 Jan. 2020, www.fiercehealthcare.com/practices/industry-voices-generation-z-a-game-changer-for-healthcare.
Staff, MHE. “Millennials Are Driving Real Healthcare Change.” Managed Healthcare Executive, 12 Nov. 2020, www.managedhealthcareexecutive.com/view/millennials-are-driving-real-healthcare-change.
“Survey: 7 in 10 Respondents Worry Poor Health Will Limit Their Life Experiences.” Survey: 7 in 10 Respondents Worry Poor Health Will Limit Their Life Experiences | ADA, 7 July 2020, diabetes.org/newsroom/press-releases/2020/survey-7-in-10-respondents-worry-poor-health-will-limit-their-life-experiences.