Generation Z, the group born between 1996 and 2016, is on track to surpass millennials in income by 2031, according to the BofA report. And nine out of 10 live in emerging markets. India accounts for about 20% of the total. Countries like Mexico, the Philippines, and Thailand will also benefit from the change. The sectors that will benefit include e-commerce, payments, luxury, media and sustainable investments, according to BofA, while areas such as alcohol, meat, cars and travel may be affected.
BofA surveyed more than 14,000 Gen Z members in August, and here are some of the findings:
– Most have a meat restriction of some kind, and many don’t drink.
– They embrace new technology to manage finances, from phones to cryptocurrencies, which means that banks and asset managers will have to re-evaluate their services.
– 40% of 16-18 year olds would prefer to interact virtually with friends compared to 35% of Millennials and 30% of Gen X.
– About 18% of respondents aged 18-24 watch traditional sports regularly every month, compared to 21% who watch eSports regularly every month.