Gen Z trends driving global economics

A generation known as the Zoomers, recognized for their high level of digital savviness and unprecedented entrepreneurial spirit, is making waves in the global economy. CNBC Africa's Tania Habimana sat down with Attorney Shayan Hunter, a Gen Z authority and policy advocate, to delve into the characteristics and trends of this unique generation that is reshaping traditional economic norms. The Gen Z cohort, born in the midst of economic upheavals such as the 2008 market crash and student debt crisis, has been molded by these events in profound ways. They exhibit a remarkable financial acumen and a pragmatic approach to building a secure financial future. However, what sets them apart is their ambition and willingness to take risks, fueled by their deep immersion in technology that enables them to identify and pursue new opportunities unlike any previous generation. The Gen Z economy is on the brink of a transformative era driven by innovative technologies, ethical investments, and the burgeoning social media landscape. One of the defining characteristics of the Gen Z generation is their relationship with their parents and the impact of witnessing the financial struggles and challenges faced by the older generations. This has instilled a sense of caution and a reliance on parental guidance when making significant decisions regarding employment, housing, and financial planning. The Gen Zs are also displaying a keen interest in industries that align with their values, gravitating towards socially conscious businesses and shunning sectors that are deemed harmful to society or the environment. Moreover, the Gen Zs are advocating for a better work-life balance and are pushing for greater flexibility in their careers. The experience of remote work during the pandemic has shown them that productivity can be maintained outside the traditional office setting, leading many to prioritize freedom and autonomy in their professional lives. This shift in mindset has sparked tensions in the workplace as Gen Zs demand fair compensation, loyalty from employers, and opportunities for personal and professional growth. The gig economy, with its emphasis on flexibility and independence, resonates with the Gen Z ethos of empowerment and self-determination. While some view gig work as liberating, there are concerns about exploitative practices and the lack of benefits for gig workers, highlighting the need for regulatory frameworks to protect the rights of workers. In terms of industries that are flourishing in the Gen Z era, artificial intelligence, Web 3 technologies, natural resource energy, and the social media economy are emerging as key areas of growth. The Gen Zs are leveraging technology to decentralize systems, champion cryptocurrency, and explore innovative solutions that promote inclusivity and democratization of resources. However, traditional notions of homeownership and retirement planning present challenges for the Gen Zs, who are grappling with stagnant wages and soaring corporate profits. There is a sense of disillusionment among the younger generation regarding the feasibility of achieving these milestones in a landscape that prioritizes profitability over the well-being of workers. As the Gen Z economy continues to evolve, addressing these systemic issues will be crucial in fostering a more equitable and sustainable future for all. The Gen Z cohort's revolutionary spirit and forward-thinking mindset are driving a paradigm shift in the global economy, ushering in a new era of innovation, social consciousness, and economic empowerment. As the torchbearers of change, Gen Zs are poised to reshape the economic landscape and pave the way for a more inclusive and progressive future.