“What does Gen Z want?” is perhaps one of the most important questions shaping marketing strategy today.
Over the last few years, several studies conducted by our team have tried to answer it. There is no single answer, but sociology offers an interesting lens for understanding the needs and aspirations of this generation. One framework I have found particularly useful is the concept of capital, developed by the French sociologist Pierre Bourdieu.
What if Gen Z isn’t buying products at all? What if they’re buying something else entirely?
Who is Gen Z?
Gen Z is the generation born roughly between 1997 and 2012. They are the first true digital natives: people who have never known a world without the internet, smartphones, social media and constant connectivity. The oldest of them are now in their late twenties.
How they are different
Many parents of teenagers say: “My child prefers to stay by themselves.”
There is some truth to that. At social gatherings, I often notice Gen Z gravitating towards small groups of peers, or choosing to spend time alone. Unlike previous generations, they seem comfortable operating within their own personal space.
At the same time, they are not entirely detached from the physical world.
Gen Z sits between two worlds, the physical and the digital. Unlike Gen Alpha, which is growing up almost entirely immersed in digital environments, Gen Z still values real-world experiences. But they often engage with that world through a protective layer of individualism.
This individualism is one of the defining characteristics of the generation, and I will come back to it.
Gen Z through the lens of capital
To understand what Gen Z wants, we first need to understand what people strive to accumulate.
Bourdieu argued that people are constantly trying to accumulate different forms of capital, because these resources give them advantages in society. Most of us think of money when we hear the word “capital”. Bourdieu took the idea far beyond economics. He identified several forms:
- Economic capital: money, wealth and financial resources.
- Cultural capital: knowledge, education, skills, language, taste, habits and cultural familiarity that help people succeed in society.
- Social capital: networks, relationships, contacts and access to influential people.
- Symbolic capital: reputation, prestige, recognition, status, honour and legitimacy.
People invest time, effort and resources in accumulating these forms of capital because they believe it will improve their position in society. In many ways, these forms of capital become our needs and aspirations.
Capital can also be converted from one form into another. Just as money can generate more money, social, cultural and symbolic capital can be exchanged to acquire other forms of capital. Bourdieu called this the conversion of capital.
Which capital is Gen Z chasing?
Across several consumer studies, including a recent study for a wellness-focused D2C brand, one recurring theme stood out: health has become a form of capital for Gen Z.
Health is not merely about physical well-being. It works as an asset that can help Gen Z acquire something even more valuable: symbolic capital.
Consider a simple example. We met a 25-year-old man who went to the gym regularly. When we asked him why he wanted to build muscle, his first answer was straightforward:
“I want to look muscular.”
When we probed further, asking “Why do you want to look muscular?”, the answer shifted:
“Because it makes me feel confident.”
And when we asked, “Why is confidence important?”, the response often came down to:
“People trust confident people.”
This is where things become interesting. The pursuit of fitness is not only about fitness. It is also about gaining confidence. Confidence, in turn, helps create recognition, credibility, acceptance and social validation.
In Bourdieu’s language, health is being accumulated as one form of capital in order to acquire another: symbolic capital.
From spend to status
For Gen Z, spending is not consumption. It is construction. Every rupee invested in fitness, skincare, learning, fashion or wellness is a deliberate act of identity-building. The funnel below maps that journey, from visible investments to the invisible but enormously powerful resource Bourdieu called symbolic capital: recognition, status, prestige and legitimacy.
Reading the funnel
- Fitness. Physical transformation is the most visible signal of discipline and effort, both to the self and to an audience.
- Skincare. A curated routine signals knowledge, consistency and care: the markers of someone who invests in themselves.
- Learning. Credentials, courses and skills build human capital that is increasingly broadcast on platforms like LinkedIn.
- Fashion. Aesthetic choices communicate belonging to subcultures and aspirational peer groups.
- Wellness. Mental health practices and self-care rituals signal emotional intelligence and modern-day maturity.
The end state, symbolic capital, is not bought. It is earned through the accumulated perception of others. Gen Z understands this intuitively, even when the vocabulary escapes them.
Why does symbolic capital matter so much?
My hypothesis is that it stems from that defining characteristic of the generation: individualism.
Gen Z has grown up in a world where personal identity matters more than ever before. They are encouraged to be unique. They are encouraged to have opinions. They are keen to build personal brands. But individualism comes with a challenge. If I am building my own identity, I need the world to recognise it. I need validation. I need legitimacy. I need trust.
So Gen Z’s strong sense of individualism creates a need for validation. An independent identity is not enough on its own; it also needs social acknowledgement. Symbolic capital provides that acknowledgement. Recognition, prestige, status, legitimacy and social approval help validate a person’s place in the world.
In essence, symbolic capital helps the world trust the individual, and that trust is critical for a generation that places great value on self-expression and personal agency.
The takeaway
Many marketers assume Gen Z buys products. In reality, Gen Z often buys capital.
- A gym membership may not simply be about fitness.
- A skincare routine may not simply be about appearance.
- A professional certification may not simply be about learning.
These are often investments towards symbolic capital: confidence, recognition, legitimacy, status and trust.
Viewed through Bourdieu’s lens, Gen Z’s choices begin to make much more sense. At its core, Gen Z seeks symbolic capital because symbolic capital validates individual identity.
And perhaps that is one of the defining motivations of this generation.