Millennials [New] Over the next 30 years, in the US alone $30 trillion of wealth will be transferred from baby boomers to millennials and generation Z. Millennials are forecast to account for 75% of the global workforce by 2025 and today's 12 and 13-year-olds will be entering employment by the end of the decade. Millennials (ages 24 to 39) and Generation X (ages 40 to 55) could drive nearly $1 T or more of wealth into bitcoin over the next 25 years as both generations embrace the emerging technology and asset class. With Millennials and Gen Z set to become the largest segment of consumers in the U.S. by 2024, now is the time for new entrants to solidify their presence and engage customers without the baggage of traditional banks. Currently the largest living generation in the U.S., by 2025 Millennials will account for 75% of the American workforce. The two youngest generations, Millennials and Generation Z, will compose nearly 70% of the workforce over the course of the next decade while the previous three generations are still in the workplace. The Great Wealth Transfer will see an estimated $68 trillion passed down from boomers over the next 30 years, and by 2030, Millennials will hold five times as much wealth as they have today. In the coming year, millennials and the Gen Z generation will account for almost 60% of the global workforce. 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. See full forecast Last updated: 27 September 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
