Fathers and Sons: Impact on Economy

Each generation has its own aspirations and needs: baby boomers need high quality medical services and recreation, millennials need a balance between work and personal life, and zoomers need a high-tech environment. For the economy to develop harmoniously, authorities and business should take into account the preferences of all age groups.

Baby Boomers (born from 1946 to 1964)

  • 1.1 bn baby boomers, or 21% of the world's employable population, will retire by 2030;
  • 70% of net income in the USA, Australia and other developed countries are controlled by boomers;
  • there are 693 m employable baby boomers as of the end of 2019.

Shopping Behavior

Today, baby boomers not only have the highest purchasing power as compared to other generations, but also expect to spend the resources of millennials. According to surveys, more than half of the boomers adhere to the Spending the Kids' Inheritance strategy.

Impact on Economy

About 85% of baby boomers are the main customers of shopping centers and street retailers, the active consumers of luxury goods, premium real estate, travel industry services, healthcare, medical and pharmaceutical products.

Millennials, Generation Y (born from 1981 to 1996)

  • 1.9 bn people is the world's number of millennials, which is 40% of the planet's employable population (the largest share among generations);
  • millennials make the main share of population in the USA, Brazil, Great Britain, Australia, Malaysia, etc.

Shopping Behavior

Having reached the age of starting a family, millennials massively leave rental housing in an effort to acquire their own. For them, reasonable price, conveniences and well-developed infrastructure are important. To receive these benefits, the Y people are ready to leave megalopolises for smaller cities. Accordingly, the representatives of this generation are stimulating the demand for environmentally friendly cities with a high-quality urban environment and transport services, online commerce and new kinds of recreation and entertainment.

Impact on Economy

Millennials are the first generation that is concerned about the global problems of our time: ecology, ethical standards in every aspect of life and social business responsibility. They are expected to integrate their ideals into labor activity and adjust the business world to these ideals. To date, millennials have already had a significant impact on the office real estate sector, increasing the demand for coworking spaces and spreading the practices of working from home.
The statement
"I would prefer a balance between life and work to an enhanced work schedule and career growth" is true for:
71%
of millennials born in the first half of the birth period
63%
of millennials born in the second half of the birth period
58%
of zoomers

Zoomers, Generation Z (born from 1997 to 2012)

  • 2 bn people is the number of zoomers, which is the largest generation; this is 26% of the planet's employable population;
  • 37% of Z people note that they find it difficult to maintain interpersonal relationships;
  • 61% of HR specialists think that zoomers need additional support to develop their social skills.

Impact on Economy

Born during the economic recession that began after the financial crisis, zoomers are more focused on career building than other generations. Moreover, very few of them want to engage in individual entrepreneurship. Most would prefer to work for large companies.
Corporate Issue, Moscow Department
of Investment and Industrial Policy
E-mail: pressprom@mos.ru
Audience: 16+