There’s been a lot of talk about Millennials, the generation born between 1981-1998. We can’t deny their contribution to technology, as innovators, leaders, tech employees, and obviously, tech consumers. But what about the generation coming after them? What about Generation Z (born between 1999-present)?
That’s just one name they’re being called. Some call them Centennials. Some call them the iGeneration. Whatever name you wish, they’re bringing a lot of tech savvy and buying power with them. They are called digital natives’ for a reason. The average Gen Z’er gets their first smartphone at 10 years old. They check their phones 150 times a day (that’s no exaggeration; that’s a literal statistic). They sent 50 billion instant messages a day. Over 6 billion emojis are sent daily by the Gen Z’er. Keep in mind the oldest of Generation Z are in high school. Already, tech companies and banks prepare for this generation’s buying power. Bank of America prepare for this oncoming wave of future investors. Other companies work around the clock to build better apps, smartphones, social media networks, omnichannel marketing, and other tech facilities catering to the Gen Z crowd. They better hurry. The oldest Gen Z’ers already have after school jobs and the buying power that goes with it.
Tech leaders need to be on their A+ game if they want this generations’ business. Millennials saw the Internet mature. With Gen Z, it already matured. By the time the oldest ones were in 4th grade, we already had smartphones and social media. Plus, by 2030, they’ll be the largest generation of all time, with 2.4 billion people. Compare that to two billion millennials (age 18-35) today, making up 27% of the global population. By the 2040s, Generation Z will make half the global population. They’ll probably be the first generation where the average life expectancy is 100 (today, it’s 71 globally, 79 in USA, Monaco has highest with 89). So we need to take this generation seriously. They are our future. How do we cater to their needs now?