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Generation Z and the Future of the Economy

A series of studies reveal that Generation Z will lead the world's economy. They will transform the economy, and other generations will have to adapt.

The Woman Post | María Carolina Rivero

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Deloitte's analysis, "Millennials and Gen Z Survey 2021: A Call to Action and Responsibility," reveals that both generations demand social transformation and immediate economic change. The data collected shows that respondents are directing their energies to increase political participation, organize spending and drive the transformation of the most critical social problems. The findings suggest that 95% of Gen Z positively impacted the COVID-19 health crisis.

66% of Gen Z believe they made radical decisions regarding jobs and the type of organizations they want to work for. 29% of Gen Z believe their employer should provide well-being and mental health. In addition, only 16% assume that economic perception will improve considerably compared to 2020. That is why Generation Z has gained the power to drive a global transformation, not only in climate change and environmental protection but also in discrimination and inequality.

The Digital Transformation of Companies Is Another Key to Generation Z

Isabel Lara, vice-president of ATREVIA, believes that Generation Z is true digital natives since they have used technology since they can remember. The young people of Generation Z are self-taught, creative, and collaborative and are exposed to information, so for them, it is more than necessary; it is urgent. Generation Z is used to online shopping and the consumption of digital channels.

A document called "Generation Z Consumers Drive the Digital Transformation of Companies" reveals that online sales belonging to this youth managed to hook the best offers and provides personifications as an efficient service. The owners of these companies seek to use the online medium to provide comfort regardless of distance, day, time, or site, with great discounts. The research was published by Isabel Lara and Iñaki Ortega, Director of Deusto Business School.

This youth will drive the long-term trend and even evolve further. 84% of these members make their social networks profitable, and 50% connect at least once a day. Therefore, the positioning of their brands has been 78%, and they are not experts; they are only based on the opinions of friends, family, and strangers. Staying connected several hours of the day makes them a huge challenge since they do not know how to differentiate their real life from cyber life. The problem with this action is that they live a distorted life with risks of addiction, harassment, cybercrime, and privacy dangers.

The Generation of Intelligent, Responsible, and Active Savers

An article called "C84 – Forget Millennials. Generation Z is the future" by Ken Hughes and published by the Association of Manufacturers and Distributors (AECOC) reveals that 74% of Generation Z consider that their activist, integrative, and defender of diversity attitude determines the link with different brands. In addition, 69% recognize that they are willing to consume products and services from companies that defend the environment. In addition, they seek a new social and economic reality, with new ways of working, earning money, and spending it.

Also read: EDUCATION VERSUS UNEMPLOYMENT? WOMEN CONCERN

All generations should change their approach because, as difficult as it is, the future belongs to Generation Z. Ken Hughes believes that we are about to enter the economic era based on access. Young people are ready for change and seek to be themselves, not part of a society, but to have freedom.

In short, the economic transformation of Generation Z is coming soon, and the other generations must find a way to adapt to change. These young people will lead cultural change, be the consumer's voice and become a new norm for the development and evolution of products and services. There are only ten years left for this change to happen, and thanks to The Woman Post, you can have a clearer vision of what consumers and entrepreneurs want. Join the change!