Gen Z's $140B Spending Power Drives Global Economy
Generation Z, the demographic born between 1997 and 2012, is making its mark on the global stage. Known as Gen Z, this group consists of approximately 62 million individuals in the US alone, making up around 30% of the world's population. They are digital natives, constantly connected, and wield significant purchasing power.
Growing up with the internet, smartphones, and tablets, Gen Z has embraced technology in all aspects of life. In the US, over 90% of male Gen Z members engage in gaming, surpassing the 84% engagement rate among Millennials. Their online presence extends to relationships, with around 40% of Tinder users belonging to Gen Z.
Gen Z's influence on consumer spending is undeniable. They account for approximately 40% of consumer spending in the US, totalling over 140 billion USD annually. Social media plays a dominant role in their purchasing decisions, with influencers acting as opinion leaders. Gen Z also prefers online streaming platforms like Netflix or Amazon Prime over traditional television.
When it comes to investing, Gen Z favours broadly diversified ETFs that track global standard indices, prioritising safety and continuity. They are the first generation to grow up with cryptocurrencies and have a high affinity for digital currencies. Gen Z members primarily conduct banking activities online, reflecting their comfort with digital financial services.
Gen Z's size, digital savviness, and significant spending power make them a formidable force in the global economy. Their preferences and behaviours, shaped by their constant connectivity and digital-first mindset, are transforming industries from entertainment to finance. As they continue to grow and gain influence, understanding and catering to Gen Z will be crucial for businesses and societies alike.
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