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GEN Z IS SET TO OUTNUMBER
MILLENNIALS WITHIN A YEAR
> ALMOST ONE-THIRD OF WORLD’S 7.7 BILLION PEOPLE BORN SINCE ’01
> NEWEST GENERATION IS LESS ‘SELF-CENTERED’ THAN MILLENNIALS
illennials are even golfers—a
about to be game where the
Msurpassed average age of U.S.
by Generation Z. participants now
Gen Z will comprise exceeds 50.
32 percent of the "Each generation
global population comes with a unique
of 7.7 billion in 2019, set of behaviors and
nudging ahead of presents a unique
millennials, who set of challenges for
will account for a those looking to reach
31.5 percent share, them," according to
based on Bloomberg a report by research
analysis of United Nations data, and using 2000/2001 firm Nielsen Holdings Plc. "Gen Z are bombarded with
as the generational split. messages and are a generation that can quickly detect
People born in 2001 will turn 18 next year, meaning whether or not something is relevant to them."
many will enter university, be eligible to vote and, For this Bloomberg comparison, millennials were
depending on their citizenship, smoke or drink alcohol defined as people born in 1980 through 2000, with Gen
without breaking the law. Gen Zers have never known a Z classified as anyone born starting in 2001—at least
non-digital world and have grown up amid events such until the next meaningful cohort emerges. The U.S.
as the "war on terror" and Global Recession. Census Bureau also bookends the generations at the
"The key factor that differentiated these two groups, end of 2000.
other than their age, was an element of self-awareness William Strauss and Neil Howe, American historians
versus self-centeredness," according to “Rise of Gen and authors who first coined the term "millennials," use
Z: New Challenge for Retailers,” a report by Marcie 1982 and 2004 as the cutoff years. The Pew Research
Merriman, an executive director at Ernst & Young Center defines those born in 1981 through 1996 as
LLP. Millennials were "more focused on what was millennials, a time-frame also used by Ernst & Young in
in it for them. They also looked to others, such as the survey Merriman wrote about.
the companies they did business with, for solutions,
whereas the younger people naturally sought to create Crossing the Threshold
their own solutions." Millennials will continue to represent the bigger
The demographic handover is good news for proportion in the world’s four largest economies: U.S.,
delivery services, gadget makers and the so-called China, Japan and Germany. The combined population
gig economy. Meanwhile, it presents new challenges just shy of 2 billion in those four countries will have a
to educators, event planners, luxury brands and ratio of 100 millennials for every 73 in Gen Z next year.
30 OCTOBER 2018 | GREATER SAN ANTONIO BUILDERS ASSOCIATION
