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When they reach adulthood, this new group - the Zillenials - can squeeze out the famous millennials, support emerging markets and help them outpace their favourite sectors, while older companies can take a back seat, according to a recent Bank of America Corp. study.
"The Generation Z revolution is beginning: the first generation born in the digital world is now joining the workforce and encouraging other generations to adapt to themselves, not vice versa," said strategists led by Chaim Israel.
Generation Z - people born between around 1996 and 2016 - can outnumber millennials in total income by 2031, according to the BofA survey. However, nine out of 10 live in developing countries, and India accounts for about 20%. Countries such as Mexico, the Philippines and Thailand can also benefit from change. Industries that benefit from the expected shifts include e-commerce, payments, luxury goods and services, media and ESG, according to BofA, while suppliers of alcohol, meat, cars and travel services could suffer.
BofA conducted a survey among more than 14,000 members of Generation Z in August, and a number of findings are presented below:
Most people adhere to certain restrictions on the consumption of meat, many do not consume alcohol
They welcome new technologies for financial management, including mobile payments and crypto currencies, which means that banks and management companies will need to review their services.
Among 16-18 year olds, 40% prefer online chatting with friends, compared to 35% for millennials and 30% for generation X.
Among those surveyed 18-24 year olds, about 18% regularly watch traditional sports every month, while 21% regularly watch eSports every month.
If these projections are not very long term, BofA notes that the Covid generation will come next.
"This is the generation that will know only budgetary incentives and easy money from the state as a way to solve problems, which can open the way to a universal basic income and access to healthcare," write strategists. "Generation C will not be able to live without technologies that cover all aspects of their lives," the survey says.
source: bloomberg.com
"The Generation Z revolution is beginning: the first generation born in the digital world is now joining the workforce and encouraging other generations to adapt to themselves, not vice versa," said strategists led by Chaim Israel.
Generation Z - people born between around 1996 and 2016 - can outnumber millennials in total income by 2031, according to the BofA survey. However, nine out of 10 live in developing countries, and India accounts for about 20%. Countries such as Mexico, the Philippines and Thailand can also benefit from change. Industries that benefit from the expected shifts include e-commerce, payments, luxury goods and services, media and ESG, according to BofA, while suppliers of alcohol, meat, cars and travel services could suffer.
BofA conducted a survey among more than 14,000 members of Generation Z in August, and a number of findings are presented below:
Most people adhere to certain restrictions on the consumption of meat, many do not consume alcohol
They welcome new technologies for financial management, including mobile payments and crypto currencies, which means that banks and management companies will need to review their services.
Among 16-18 year olds, 40% prefer online chatting with friends, compared to 35% for millennials and 30% for generation X.
Among those surveyed 18-24 year olds, about 18% regularly watch traditional sports every month, while 21% regularly watch eSports every month.
If these projections are not very long term, BofA notes that the Covid generation will come next.
"This is the generation that will know only budgetary incentives and easy money from the state as a way to solve problems, which can open the way to a universal basic income and access to healthcare," write strategists. "Generation C will not be able to live without technologies that cover all aspects of their lives," the survey says.
source: bloomberg.com
