Three ways Gen-Z is empowering and growing a digital economy

• The global Augmented Reality (AR) market is projected to expand four-fold by 2023.
  
  
•  Technology and Covid-19 are set to transform skills demand, with the majority of jobs to require advanced digital skills.

A greater emphasis for the future workforce will be put on skills such as agility, curiosity, creativity, critical thinking and problem solving – playing into Gen Z’s natural strengths.

A powerful source of consumer spending

Gen Z’s consumer spending will increase more than six-fold, from US$467-billion in 2019 to US$3-trillion in 2030, equivalent to 11% of total household spending. Further, Gen Z’s share of total employment will rise noticeably from 10% in 2019 to 30% in 2030.

The research suggests Gen Z-ers are more creative compared to their older cohorts and curious to engage in forms of communication and content creation – including augmented reality (AR), emojis, lenses and filters.

Mirroring the growing importance of Gen Z is growth of the global AR market. Its revenue nearly quadrupled between 2018 and 2020. The next three years are expected to be marked by a similar trend, with estimates projecting a 10-fold increase by 2023 from 2018. 

This will fuel a significant demand in digital skills comparable to that seen in 2010, with the rise of social media platforms. 

And Gen Z is where these skills will be found.

Source: Social Media Week