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The Bank of America stated that the economic power demonstrated by Generation Z was the fastest growing across all generational cohorts.
In a report released last week, Bank of America predicts that Generation Z alias Gen Z will be the most disruptive ever and its income will surpass that of its predecessor by 2031. According to Haim Israel, global head of thematic investment strategy at BofA Global Research, gen z is entering the working space in an online world.
“The Gen Z revolution is starting, as the first generation born into an online world is now entering the workforce and compelling other generations to adapt to them, not vice versa,” Haim indicated.
Born in the late 90s, this was the era of the internet booming the global market and have since evolved to a whole level of perception. Apparently being a generation that has experienced some of the controversial social aspects including 9/11, the 2008 market crash and the COVID-19 pandemic, it will have a lot to remember as it enters the working environment.
Bank of America on Gen Z
The Bank of America stated that the economic power demonstrated by Gen Z was the fastest growing across all generational cohorts. Apparently, its income is expected to grow fivefold by the next ten years to $33 trillion. This would reciprocate to its income rounding up to approximately a quarter of global income thus surpassing its predecessor’s income by 2031.
Notably, the report by Bank of America noted that 9 out of 10 generation z live in emerging markets, particularly in India where a fifth of them reside. India was noted to be a country that stands out with generation z with most of them having an improved literacy rate.
Other countries that the report noted include the Philippines, Mexico and Thailand. Whereby the Bank of America thinks they have the potential to capitalize on the generation z revolution. As the world economy gets restructured to fit in the post covid era, technology is dubbed to play a vital role. Technologies including artificial intelligence, 5G network and blockchain technology are some that will significantly shape the global industry in the next decade.
Notably, different industries are shifting from onsite jobs to remote working thus calling for better cloud services. In addition, the shift to more technical work is demanding for people with technical know-how and better. With nearly half of the American teens being constantly online for the better part of the day, approximately 10 hours a day, the Bank of America highlighted the media companies significantly benefits from them.
According to the report, approximately 44% of the Generation Z are omnichannel shoppers. In addition, 80% of them want to own a home.