Gen Z’s growing economic power is expected to “permanently change” the investing landscape over the next ten years. According to Bank of America strategists, Gen Z (who they define as currently between four-24-years-old) is “on the brink of disrupting everything from luxury goods to alcohol consumption” and investors should start preparing as soon as possible. Gen Z’s income is set to grow 400% over the next decade to $33 trillion, and they will hold “more than a quarter” of global income by 2030—and are predicted to surpass Millennials’ spending power the year after. Ecommerce is one of the industries that is protected to benefit from the surge: Nearly 45% of U.S. teens are “almost constantly” online and more than a quarter say their top payment choice is their phone. Earlier this year, YPulse reported that Gen Z teens’ spending power already reached $34 billion. (Business Insider, Bloomberg)
