Future Consumers - Gen Y, Women and Digizens
Changing social trends in Gen Y, the rise of the middle class, reverse brain drain, and women’s empowerment will usher in new opportunities, signaling the advent of customized applications and innovative technologies.
Gen Y Phenomenon:
Constituting 34% of the global population in 2020, Gen Y will be the most adaptive to change as well as ready to experiment with new technologies that require high purchasing power.
Disparity between male and females genders will minimize in terms of gender ratio of the workforce, female executives, and income, leading to a more gender neutral employment landscape in the future.
Job Polarisation and Automation:
In the past decade, with outsourcing and automation, developed countries such as the US, witnessed a 14% decline in middle skill-jobs. This is expected to double in this knowledge and cognitive era as Artificial Intelligence takes poise and displaces the labour market. Job polarisation and shrinkage of the middle class will become key themes in global government mandates.
With fertility rates declining and life expectancy increasing, a new social challenge will emerge in the form of an aging population. A higher dependency on healthcare systems and pension funds is expected.
The Middle Bulge:
India and China alone will have a middle-class population of over 1 billion by 2020; they will have the greatest impact on products and services and the highest purchasing power.