Retail executives and other business leaders, it's time to get familiar with Gen Alpha. These are the children of millennials, who are starting to turn 13 but are still being born.
Gen Alpha will be the greatest generation of all time with the greatest purchasing power. It is a generation that will not know a world without AI, gaming, AR and streaming.
Although little research on this demographic age group has been published in the past. But a new briefing paper from Harvard Business Review Analytic Services, sponsored by design and innovation consultancy Journey, sheds light on Generation Alpha. Namely, on how it will change work, education, entertainment and more.
“For Gen Alpha, their reality includes both the physical and virtual worlds. Gen Alpha is a generation of world makers and today's flattening internet experience just feels... old. So I wholeheartedly believe that the next Coco Chanel in the world is probably a 10-year-old girl designing skins in Roblox.” So says Cathy Hackl, head of futures at Journey and a technology pioneer.
“My kids are all Gen Alpha. They are incredibly tech savvy and are very active in both the physical world. But they also feel extremely comfortable exploring video games, wearing virtual fashion and creating experiences in virtual spaces. Gen Alpha kids are the best window I see into our future.”.
According to previous data compiled by McCrindle Research, Generation Alpha is expected to be the largest generation. With approximately 2.5 billion people by 2024 and is expected to have the largest purchasing power in history. Born between 2010 and 2024, they are expected to account for 10% of the workforce by 2030.
As a result, “companies will now have to consider the best ways to blend the virtual and physical worlds of their products and services in order to serve Generation Alpha, which is expected to be the most tech-savvy generation to date,” said Alex Clemente, managing director of Harvard Business Review Analytic Services.
Source: instoremag.com
