"Trends in Gen Z's Economic Behavior and Outlook"

"Explore how Generation Z's economic behavior and outlook are evolving. Learn about their spending habits, investment preferences, and overall financial attitudes. This overview reveals how Gen Z is impacting the economy with their unique approach to finances and future planning."

‍Consumption
Generation Z consumers heavily rely on the Internet for research and purchases, showing a tendency to avoid brands that contradict their values. Their buying decisions are often influenced by social media trends and peer pressure, with a significant focus on being "trendy." They have a higher spending power and frequently use social media for shopping, particularly for health and beauty products.

In Western markets, despite advocating for ideals like environmental consciousness, consumers often contradict their values by purchasing fast fashion and preferring rapid delivery, even when aware of human rights abuses in production countries. Western Gen Z consumers are less likely to pay extra for ethical products compared to those from emerging economies. In the UK, their avoidance of alcohol and tobacco has notably impacted government 'sin tax' revenues.

Employment
The COVID-19 pandemic has exacerbated youth unemployment unevenly, with rates at 12.7% in Africa, 20.5% in Latin America, and 8.3% in North America by 2022. Chinese youths face significant employment challenges despite higher education, with a 20% unemployment rate among 16 to 24-year-olds as of June 2023. In contrast, the US has a low youth unemployment rate of 7.5% and offers attractive job opportunities with high wages and bonuses, making it likely that Gen Z will be the wealthiest generation at their age compared to previous ones.

Education
Since the mid-20th century, primary school enrollment has risen significantly in developing countries. However, recent OECD studies show stagnant academic performance despite increased education spending. TIMSS 2019 highlighted high math scores from Asian countries and Russia, while PISA 2022 showed a decline in academic performance globally, except in Singapore, Macau, Hong Kong, Taiwan, South Korea, and Japan. Western countries like Iceland, Sweden, and Finland have continued declines, while the US remains behind other industrialized nations.

Different regions approach gifted education differently: China and East Asia focus on nurturing top students for STEM careers, while Europe and the US emphasize inclusion and support for struggling students. Despite expansions in higher education, many Chinese graduates face job market difficulties. The US experienced a decline in Chinese students due to political tensions and COVID-19 but saw a rebound in international student enrollment in 2023, with significant growth from India and sub-Saharan Africa. Some countries, such as Finland and the Netherlands, have banned mobile phones in classrooms to improve student concentration.

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Source: enwikipedia‍