Generation Z, informally known Gen Z-ers or Zoomers, is the demographic succeeding Millennials and are children of Generation X. Born between 1997 and 2012, GEN-Z will soon become the largest cohort of consumers. They may already be an important contributor to the recent increases in rental demand around the world as this generation starts to leave their homes after a 2-year delay, head to college and then to work. Here are some interesting statistics, courtesy of Leonard Steinberg, Chief Evangelist at Compass Realty about this robust demographic:
- Generation Z consists of about 65 million people in the US and about 82 million US consumers will be Generation Z in 2026. By 2030, 30% of the global workforce will be Gen Z.
- A study estimates the Gen Z buying power at $44 billion in the US.
- Gen Z grew up with technology, the internet, and social media, and consider themselves more accepting and open-minded than any generation before it. Almost half of Gen Zs are minorities, compared to 22% of Baby Boomers, and the majority of Gen Z supports social movements such as Black Lives Matter, transgender rights, and feminism.
- 76% of Generation Z is concerned about humanity’s impact on the environment, and 30% of Gen Z-ers believe science and technology can solve the world’s biggest problems.
- 42% of Gen Z-ers consider themselves happy, and 34% feel confident.