Retailers and brand owners, used to the power of baby-boomers, have adapted to the demands of Millennials. Now they need to adjust again to Generation Z. Studies show that “Gen Zers” prefer brands that are different to the “oldies”. The latest cult brand for this age group is Supreme (see below) rather than Nike. Furthermore, “Gen Zers” are set to outnumber Millennials within 12 months, according to a Bloomberg statistic in August, based on source data from the United Nations.
Gen Z will comprise 32% of the global population of 7.7 billion by 2019, nudging ahead of Millennials at 31.5%. For this study, Bloomberg defined Millennials as children born from 1980 to 2000, with Gen Z classified as children born from 2001. Demographics also differ by worldwide location.