Generation Z Will Be Economic Power, Baby Boomers Fading Away

Posted By on July 4, 2018

“Sorry Millennials, your time in the limelight is over.”

That’s the conclusion of a new report from Barclays analyst Hiral Patel, who writes that it’s time for the Millennials to make way for the new kids on the block – Generation Z – a generational cohort born between 1995 and 2009, and already larger in size than the Millennials (1980-1994).

According to Barclays, the current fixation with Millennials makes them the most studied generation, which in turn has caused the use of this term to simplify to a label for anyone that may be young today; however the irony here is that Millennials are not necessarily young anymore and we run the risk of overlooking the next cohort – Generation Z – who are now coming of age.

Citing survey-based research from a range of sources, Barclays suggests that there are fundamental differences separating Generation Z from the Millennials (Figure 1), material enough for marketplaces to take note today.

Generation Z

he reason for the Barclays report is to asset that this “coming of age” is worth capitalising on now, with Generation Z in the US already having $200bn in direct buying power and $1tn in indirect spending power as they command significantly more influence on household purchases than prior generations.

Furthermore, by 2020, Generation Z are expected to be the largest group of consumers worldwide, making up 40% of the market in the US, Europe and BRIC countries and 10% in the rest of the world (Booz Co).

Gen Z

he reason for the Barclays report is to asset that this “coming of age” is worth capitalising on now, with Generation Z in the US already having $200bn in direct buying power and $1tn in indirect spending power as they command significantly more influence on household purchases than prior generations.

Furthermore, by 2020, Generation Z are expected to be the largest group of consumers worldwide, making up 40% of the market in the US, Europe and BRIC countries and 10% in the rest of the world (Booz Co).

Baby Boomers

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