Heads-up, retail executives and other business leaders: it’s time to acquainted with Gen Alpha. They are the children of millennials, starting to turn 13 but still being born, and will be the largest generation ever with the biggest spending power. They are a generation that will not know a world without AI, gaming, AR and streaming.
While little research has previously been published about this demographic age group, a new briefing paper by Harvard Business Review Analytic Services, sponsored by design and innovation consultancy Journey, sheds light on Gen Alpha and how it will change work, education, entertainment and more.
“For Gen Alpha, their reality encompasses both the physical world and the virtual one. Gen Alpha is a generation of world builders and today’s flat internet experience just seems…old. I wholeheartedly believe that the world’s next Coco Chanel is probably a 10-year-old girl designing skins in Roblox,” said Cathy Hackl, Journey’s Chief Futurist and tech pioneer. “My kids are all Gen Alpha. They are incredibly tech-savvy and they are very active both in the physical world, but they also feel extremely at home exploring video games, wearing virtual fashion and building experiences in virtual spaces. Gen Alpha kids are my best window into our future.”
According to prior data gathered by McCrindle Research, Gen Alpha is anticipated to be the largest generation yet with roughly 2.5 billion people by 2024 and is expected to have the greatest spending power in history. Born between 2010 and 2024, they are expected to account for 10 percent of the workforce by 2030.
As a result, “Companies should now be exploring the best ways to combine the virtual and physical worlds of their products and services in order to cater to Gen Alpha, who are expected to be the most technologically savvy generation to date.” said Alex Clemente, managing director, Harvard Business Review Analytic Services.
Click here for more from the study.