Skip to main content

Gen Z will outnumber millennials by 2020

A Bloomberg analysis of UN data says the coming generation will eclipse millennials, once viewed as the largest and most powerful generation since the baby boomers. This Bloomberg graphic depicts the Gen Z demographics by region.

A Bloomberg analysis of UN data says the coming generation will eclipse millennials, once viewed as the largest and most powerful generation since the baby boomers. This Bloomberg graphic depicts the Gen Z demographics by region.

Gen Z will comprise 32 percent of the global population of 7.7 billion in 2019, nudging ahead of millennials, who will account for a 31.5 percent share.

That’s according to Bloomberg, which analyzed United Nations data using 2000/2001 as the generational split.

People born in 2001, who have never known a non-digital world, will turn 18 next year, meaning many will enroll in college and be eligible to vote.

"The key factor that differentiated these two groups, other than their age, was an element of self-awareness versus self-centeredness," according to “Rise of Gen Z: New Challenge for Retailers,” a report by Marcie Merriman, an executive director at Ernst & Young LLP.

Millennials were "more focused on what was in it for them. They also looked to others, such as the companies they did business with, for solutions, whereas the younger people naturally sought to create their own solutions,” Merriman wrote.

The demographic handover is good news for some industries, including delivery services and “gadget makers,” Bloomberg said.

But it presents new challenges to educators, event planners, and “even golfers,” an industry where the average age exceeds 50 — the same as the boating industry.

"Each generation comes with a unique set of behaviors and presents a unique set of challenges for those looking to reach them," according to a report by research firm Nielsen Holdings. "Gen Z are bombarded with messages and are a generation that can quickly detect whether or not something is relevant to them."

“Politically, socially, technologically and economically, we are moving at warp speed,” Merriman wrote. “These changes have created a generation very different than any known before. Retailers, and in fact all businesses, hoping to connect to these savvy consumers and their already $44 billion in purchasing power need to understand who they are, what they want and how they want it.”

Related

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.

Norm

Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.

1_NMRA

NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.

1_ PULSE.PING.2

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_EPROPULSION

EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.

1_BENETEAU

Beneteau Reports Significant H122 Growth

The company reported that its revenue grew 8.6 percent and income increased by 30 percent during the first half of 2022.