Generation Z, born between 1997 and 2012, will become the world's most powerful economic force in just 10 years. According to Bank of America's report, their global income will grow to $36 trillion by 2030, and by 2035, they will represent 30% of the planet's population, becoming the most numerous and wealthy generation.
This predicted surge seems incredible against the backdrop of current realities. Many Z-generation representatives face difficulties in finding work, are forced to take unsuitable positions, and abandon expensive life plans such as buying housing or having children. However, analysts highlight two key drivers of future wealth: career growth and "great redistribution" of capital.
By 2045, approximately $84 trillion will be transferred from older generations to millennials and zoomers. Although the majority will go to their predecessors, 38% of young people count on inheritance, which in combination with rising salaries will dramatically increase their economic influence.
Global Zumer spending is projected to grow to 12.6 trillion by 2030. They are actively spending on rent, education, essential goods, and "mini-luxury," forming new trends. Companies are already adapting their offerings to their priorities: sustainable luxury, digital commerce, wellness, pet care, and the gaming industry.
"They are likely to become one of the most destructive generations for the economy, markets, and social systems," the report notes. Whether it's a change in diet, a reduction in alcohol consumption, or new savings models, Generation Z will redefine the concept of consumer."
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