By 2031, Generation Z (Gen Z) will gain more income, exceeding millennials, Bank of America predicts. Haim Israel, global head of thematic investment strategy at BofA Global Research, said Gen Z will inspire a revolution among various generations.
Gen Z, between 1996 and 2016, was set to get “most disruptive” to businesses and society systems, declared Lauma Timans-Kalns, Thematic Equity Strategist at Bank of America. Events like 9/11 and Covid-19 have influenced this generation, he said.
Gen Z’s revenue is predicted to get five times larger, to $33 trillion, by 2030 once Gen Z-ers get into workforce and surmount millennials revenue by the year 2031.
Almost all Gen Z members, 9 out of 10, reside in developing markets, according to Israel. Half of the generation, living in India, will have expansion in areas like urbanization and technology foundations, he stated. Other countries to invest in Gen Z include Mexico, the Philippines and Thailand.