They’re the newest upstart demographic that could one day be larger than Millennials, but Generation Z is still a mystery to everyone, including themselves.
Sorry Millennials, your place in the sun is now eclipsed by a new emerging demographic: Generation Z.
So far, research into this population is scant at best.
While various sources attempt to decode who these young upstarts are, most information is anecdotally driven, as opposed to based on hard data.
However, there are some emerging studies that attempt to understand who and what behaviours makes up Gen Z.
Generation Z steals the limelight from Millennials
Research from international design solution firm HKS, reveals that these post-Millennials were born between 1995 and 2010.
The oldest members of its population are young adults at 22, while its most junior citizens are still children at a tender 7 years of age.
Thus, at present Generation Z makes up 6% of the current workforce in both the U.S and the U.K.
However, HKS predicts that it will make up 30% by roughly 2030.
Its growth over the next decade will undoubtedly influence various sectors of society in fundamental, and possibly disruptive ways.
Millennials continue to be the largest cohort to date. However, Gen Z is hot at its heels, and ranking at second largest.
Pundits have continually dubbed the former demographic as Digital Natives, yet its successor is just as, if not more, digitally savvy.
Thus, 68.8% of Gen Z’s classify themselves as being technologically fluent. Furthermore, a whopping 70% of them also claimed to be socially adept.
While a myriad selection of percentages strive to identify distinguishing traits belonging to this population, investors are already planning for the future.
Considering that Gen Z is almost as big as its predecessor, its spending power will be generous.
Future frontiers for investors
Therefore, decision makers are analysing what kind of citizens this group will be in an effort to manipulate infrastructure accordingly.
At present, experts believe that they’ll be far more frugal than their forerunners, due to the economic trials of the Great Recession.
Additionally, most of them will live in cities as population growth in those areas outstrip those in peripheral territories.
Half of Generation Z’s also claim to want to start their own business, while a staggering 88% want to be “free agents at some point in their lives.”
We currently live in a world where social media is a core vehicle of communication, advertising, and business transparency.
Thus, privacy is proving to be another fundamental characteristic of these individuals.
Data also shows that while they’re experts of virtual organisation, they prefer face-to-face interactions.
Far more surprising in the current research however, is Generation Z’s mindfulness.
While they’re more aware of environmental change over older generations, they have no knowledge about themselves.
As in, people in Generation Z have no idea they’re in Generation Z.
However, without sounding overly patronising or indulgent, common sense dictates that this lack of awareness is likely due to age.
Ultimately, Generation Z could prove to be a treasure trove of information into social and design changes their maturity will render.
Perhaps corporations will adapt work spaces to accommodate their needs.
Or perhaps entrepreneurs will fashion new smart devices that will meet Gen Z’s tech expertise.
While research is still ongoing, Generation Z will no doubt prove to have a significant influence on marketing and business initiatives.
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