Here they come! I’ve always been fascinated by generational differences and there is no shortage of research on what defines different generations. I’m particularly excited about Gen Z, mostly because I see the promise and potential as a parent of two Gen Z kids and my interactions with them and their friends. I often find them to be realists, optimists, and pragmatic in their thinking. As my kids have become young adults, they have significantly influenced some of the ways I think about the world by seeing it through their eyes and understanding their perspective. Along the way, they have also introduced me to new things I wouldn’t have normally gravitated to (yes, you can find me on TikTok).
Last week, Efi Pylarinou had a great post here on LinkedIn that summarized a report that Oliver Wyman Forum recently published (https://www.oliverwymanforum.com/global-consumer-sentiment/a-gen-z.html). I have not read through all of the almost ninety pages of material, but for anyone interested in knowing how this generation thinks, what they believe in, how the workplace is going to change in the next ten years, and how companies and brands need to think differently to serve this generation, this report has a lot of information to unpack.
Here are a few things that I found particularly noteworthy:
1. Gen Z is the most racially and ethnically diverse generation in our history
2. 60% of Gen Z gets their news through social media, versus traditional news outlets
3. Unlike prior generations that viewed talking about mental health issues as taboo, this generation is not afraid to admit they are or have struggled with these issues
4. In 2031, 31+% of the workforce in the US will identify with being part of Gen Z (nearly the same as Millennials and greater than Gen X)
5. They are not afraid to use public protests and social media in the fight for issues they believe in
6. Gen Z will become the largest consumer demographic in the history of business
7. For wealth management firms, Gen Z is starting to think about their financial situation earlier than previous generations and often get investment ideas from communities like Reddit, Inc. and TikTok.
Like generations before them, Gen Z is going to change how we think, how we do business in the future, and the workplaces where we all spend a lot of our time. Ready or not, change is on its way!
