Millennials [New] In the coming decades, America will undergo a major shift in wealth, as baby boomer numbers and wealth are eclipsed by Gen Xers, millennials, and Gen Zers. By 2030 millennials will hold five times as much wealth as they do now for a total of $20 trillion in assets globally, with baby boomers expected to pass down another $30 trillion in assets by 2050 in North America alone. Marketers have been targeting the younger generations for a few years now, but in 2020, millennials and Gen Z will truly hit their stride in terms of spending power. Given that $30 trillion in wealth will shift from baby boomers to millennials over the next 30 years, the ESG effect on consumer preferences may be just getting started. By 2020, Millennials are forecasted to comprise half of the American workforce and by 2025-75 percent of the global workforce. Millennials are the most valuable consumers, expected to represent 35% of the global workforce by 2020. Next year, 74 million people in the U.S. will be part of Gen Z, which will make it the largest generation of all. Millennials and Gen Z consumers represented some $350 billion of spending power in the U.S. alone, and by 2020, Gen Z consumers will account for 40% of global consumers. Millennials and Gen Z have over $1 trillion in direct spending power, and will continue gaining influence in 2020 and beyond. Generation Z and millennials combined are the biggest consumer group in history and will soon account for $4 billion in discretionary spending. Soft-branded lifestyle hotels will remain front and center over the next five to 10 years, a development driven by millennials with growing incomes. Gen Z is the only major demographic projected to increase its use of restaurants in the next five years, as Millennials, Gen X and baby boomers are all expected to eat more meals at home. Baby boomers and Generation Xers spend the most on food and beverage but as millennials enter their peak earning years, they will become the biggest spenders at groceries and restaurants within 10 years, Millennials are growing in purchasing power - by 2020 their spending in the US alone will total $1.4 trillion annually - and already they spend $5,000 more per year on holidays than any other generation. Millennials face a unique set of economic challenges and will impose new demands on U.S. politics in years to come. $32 trillion wealth is forecasted to transfer from baby boomers to Millennials, over the next few decades, meaning that by 2030 Generation Y and Millennials will hold 50% of the global wealth. This year, US Millennials (ages 23 to 38) will outnumber Baby Boomers (ages 55 to 73), according to Census Bureau projections. By 2030 the share of global wealth held by Baby Boomers will be surpassed by Gen X and Millennials 1 - cohorts brought up in a far more interconnected, technologically savvy and globalised age. At ages 3 to 23, Gen Z will comprise 32 percent of the global population in 2019, edging ahead of Millennials. Gen Z and millennials together account for around $350 billion in spending power in the U.S and gen Z alone will make up 40 per-cent of global consumers by 2020. Millennials now make up 35% of the UK workforce and will make up 50% of the global workforce by 2020. By 2030, Millennials are expected to hold five times as much wealth as they do today, controlling as much as US$20 trillion of assets globally. See full forecast Last updated: 12 July 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
