A comprehensive study by Oxford Economics was conducted in six markets (the U.S., U.K., France, Germany, the Netherlands, and Australia) and reveals that Generation Z will benefit from the lasting changes Covid-19 brings to the way we live, work, and communicate.
The major challenges ahead
The health crisis has led to a number of revolutions. The digital explosion is one of them. Store closures and imposed social distancing have led to a permanent acceleration in the adoption of digital technology in society. One manifestation of this is the increased use of telecommuting with increasingly digital communication, not to mention an increase in e-commerce and other online services. According to the Oxford Economics study, three-quarters of jobs will require advanced digital skills by 2030.
At the same time, Generation Z will make up nearly a third of the workforce. Faced with the impact of the Covid-19 pandemic, these new economic players will need to be more creative and adaptable to keep up with the evolution and changes in the labor market. However, it is estimated that this will not be too difficult for them.
When Generation Z takes over
According to Oxford Economics, Generation Z will become an engine of growth. Their disposable incomes will increase more than sevenfold, and their consumer spending more than sixfold.
Their natural aptitude for creative digital tasks should enable them to meet the challenges ahead with flying colors. Beyond digital skills, Oxford Economics found that three qualities of Gen Z are likely to be useful in the future workplace: agility, creativity and curiosity.
Augmented reality jobs are emerging and are a good example of the type of profession that will require this mix of technical skills and creativity well mastered by Generation Z. Experts predict that this fast-growing technology will be used in a wide variety of industries – from marketing to education, construction to agriculture – to streamline processes, reduce human error and support training. Augmented reality (AR) has the potential to transcend both the business and consumer worlds.
There’s no doubt about it: Generation Z will soon take over and play a major role in the economy of the next ten years.