The future is digital! Together with Oxford Economics, Snapchat recently began exploring the impact Gen Z is making on the digital economy and what this means for the industry. As explained by Snapchat, the study:
“…builds an evidence-based view of what the future looks like for young people across six markets – Australia, France, Germany, the Netherlands, the United Kingdom, and the United States – and includes a mix of new field research, analysis of an extensive range of data sources and expert insights from entrepreneurs and policy experts.”
As a result of the COVID-19 pandemic, young adults faced new challenges and disruptions to their education and careers, as well as their mental health. While the future Gen Z has been predicted to be full of uncertainty, the research from Snapchat and Oxford Economics shows that there is cause for optimism. This generation is the first to have grown up with technology, so they are capable of bouncing back and make the most of the growing demand for digital savviness.
Keep reading for key takeaways from the US version of the report!
Gen Z will become a dominant force in the workplace & become an engine of consumer spending
Over the next decade, Gen Z will become an engine of economic growth. The report predicts that the number of Gen Zers in work will be around 51 million by 2030, and their income (after taxes) will rise to almost $2.0 trillion.
Additionally, Gen Z’s consumer spending will rise more than nine-fold, from $245 billion in 2019 to $1.9 trillion in 2030.
Technology and COVID-19 will transform skills demand
Social distancing has bred a new generation of online shoppers—growth in the share of e-commerce in Q2 2020 was more than in the previous five years combined.
Compared to past recessions, this downturn will create a more significant structural change assuming that the pandemic will have permanent effects on consumer behavior.
We see this in start-up activity, which has gone up significantly over the past year. All of this disruption will create a need for re-training among the existing workforce and encourage lifelong learning.
A greater emphasis will be put on skills such as critical thinking and problem-solving
Due to the pandemic, digital technology is disrupting the workplace, increasing the need for workers with skills such as critical thinking and problem-solving. These types of skills come naturally to US Gen Zers:
Agility: being able to adapt and fuse new concepts on the job will be necessary to successfully navigating the future workplace.
Creativity: research from Snap Inc. shows that Gen Z is more likely to consider themselves to be creative and take on creative tasks. Around two-thirds of Gen Z in the survey said they ‘knew how to create something new’ from online content, much higher than older generations.
Curiosity: Gen Z is more eager to learn compared to older generations—in the survey, over 90% of US young adults had taken part in an online learning activity in the past week compared to less than 80% of older adults.
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