Millennial generation prepares to be outnumbered by Generation Z
In 2019, Gen Z will finally overtake the Millennial Generation as the most populous cohort on Earth. The younger group, which is comprised of anyone born in-or-after 2001, will begin coming of age next year, with its oldest members finally in a position to vote, smoke, drink, get married, and any other number of “adult” pastimes – geography dependent. What will that mean for the wider world?
In 2019, the world’s population is predicted to reach 7.7 billion – and 32% of them will be members of Generation Z. The new kids on the block will outnumber the preceding generation – Millennials, the oldest of which are now around 40 – by a fraction: 0.5%, to be specific. These Gen Zers have never known a non-digital world, and grew up amid geopolitical disturbances like the “war on terror” and the global financial crisis of 2008.
According to a report from Marcie Merriman, executive director at Ernst & Young LLP. (Rise of Gen Z: New Challenges for Retailers): "The key factor that differentiated these two groups, other than their age, was an element of self-awareness versus self-centeredness." She added that Millennials were "more focused on what was in it for them. They also looked to others, such as the companies they did business with, for solutions, whereas the younger people naturally sought to create their own solutions."
This is, apparently, great news for gadget sellers, delivery services, and the gig economy – but represents another hurdle to more “traditional” retailers. A report from researchers at Nielsen Holdings Plc. puts it this way: "Each generation comes with a unique set of behaviors and presents a unique set of challenges for those looking to reach them. Gen Z are bombarded with messages and are a generation that can quickly detect whether or not something is relevant to them."
Dominion holds a number of companies across its Global Trends range of Funds that cater to both the Millennial Generation and Generation Z.
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