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DEMOGRAPHICS

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

By our News Team | 2021

Oxford Economics and Snapchat explore the role of Gen Z in driving the digital economy, plus its impact on the marketing industry.

Gen Z (birth years mid-to-late 1990s to early 2010s) is the first generation to have grown up with technology. Snapchat’s latest report with global forecasting and quantitative analysis consultancy, Oxford Economics, reveals optimism that Gen Z has the natural ability to make the most of the growing demand for digital skills in a post-pandemic economy.

Among the key pieces of information in the report are:

  • Gen Z will support US$3.1-trillion of spending by 2030 across six key markets studied: Australia, France, Germany, the Netherlands, the United Kingdom and the US.
  • 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

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.