Generation Z Will Be Economic Power, Baby Boomers Fading Away
Posted By thestatedtruth.com 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.
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).
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).
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