Will Gen Z be the ‘most disruptive generation ever’ for retail and brand marketers? – RetailWire
Dec 04, 2020
A Bank of America report describes Gen Z as the “most disruptive generation ever,” due not only to their technological savviness but also for their focus on sustainability and activism.
The report, “OK Zoomer,” defines the generation as individuals born between 1996 and 2016. Findings are based on a global survey during August of over 14,500 individuals.
Gen Z — the oldest of whom are currently aged 24 — will surpass Millennials’ earnings power by 2031, with overall spending power augmented to the “Great Wealth Transfer” from Boomers and the Silent Generation.
With 45 percent of the group online “almost constantly” and the overall generation treating internet access “as necessary a utility as water or electricity,” Gen Z is expected to accelerate some Millennial trends, including e-commerce, shifts toward streaming media and emerging payments, such as cryptocurrencies and mobile wallets.
But Bank of America contends Gen Z are “true digital natives” and characterizes Millennials