Generation Z (Gen Z), those that are born between 1996 and 2016, makes up nearly a third of the global population.

According to a report released on November 10, 2020 called OK Zoomer by Bank of America — Gen Z’s income will overtake Millennials total income by the early 2030’s.

10 Takeaways:

1. 45% of US teens are “almost constantly” online.
2. A quarter will spend 10+ hours a day on their phone.
3. Gen Z prefer to use mobile payment over credit cards.
4. Gen Z values sustainable luxury — chooses quality over price as top purchase factor.
5. Less than half of Gen Z of drinking age will drink alcohol compared to a third of Millennials.
6. More than half have some kind of meat restriction with an increased preference for plant-based alternatives.
7. Gen Z prioritizes hygiene and health with a focus on skincare and makeup over wealth.
8. A third would trust a robot to make financial decisions.
9. 80% factor ESG into their investing decisions.
10. Gen Z prefer products over experiences and more e-sports than traditional sports.