âŻMeet Generation Alpha. Born between 2010 and 2024, the successors to millennials and Gen Zs will be the largest generational cohort the world has ever seen â and is ever likely to see. Currently emerging into the world at a rate of 2.74m a week, Alphas will have a profound impact on global society. In a marketplace where every brand is always just a generation away from extinction, business leaders ignore this new demographic powerhouse at their peril.
By 2025, around 2bn Alphas will be alive, surpassing all previous generations. However, with global population growth now expected to slow, future cohorts will be smaller. Alphas will have the most significant presence in India, China and Nigeria, but every country will see rapid growth. By as early as 2030, Alphas will account for 11% of the global workforce.
Mark McCrindle, a social sciences researcher based in Sydney and author of the bestselling book Generation Alpha: Understanding our children and helping them thrive, was one of the first academics to recognize the emergence of a new generation, and coined the term âAlphasâ to describe them. He believes the sheer size of this coming generation is not the only reason why organizations should start thinking seriously about their needs, desires and priorities.
âTheir access to information means they have influence at a younger age,â argues McCrindle. âThey are the generation that set the agenda from a popular-culture perspective, a big tech perspective and a social media perspective. They will determine the destines of brands and products.â
Already a $1trn generationÂ
By 2024, McCrindleâs research suggests, Alphas will already wield $1 trillion of worldwide spending power, either directly or through their influence on the spending choices of their parents and other family members. He estimates that, by 2029, that figure will have risen to $1.7trn â amid Generation Alphaâs overall economic footprint of almost $5.5trn.
Organizations that are not equipped to serve this mega-generation will be at a significant competitive disadvantage. Alphas may simply decide not to work for them, to buy from them, or to invest in them.
Moreover, while some CEOs may feel they already know Alphas well â they may have children of their own, after all â there is a danger that this attitude could usher in complacency, with an assumption that one generation of young people is much like the next. The typical age of C-suite leaders, who tend to be in their late fifties, means their children are more likely to be Gen Zs. The distinction is important, McCrindle says, because the hallmarks of these adjacent generations are subtly different.Â
âThis is the most digitally endowed generation ever, the most materially supplied generation ever, and the most globally connected generation ever,â he asserts. âAll those factors really do create a superlative generation in a lot of different ways. Alphas are global, visual, digital, mobile and social. This cohort has some unique characteristics compared to what we’ve seen in the past.â
Echoing the attitudes of their grandparentsÂ
Equally, the attitudes and behaviors of Generation Alpha also represent a departure from those of millennials and Gen Zs. While alphas remain concerned about climate change and social justice â and ready to support or punish brands accordingly â their values are shifting. Perhaps surprisingly, McCrindleâs research suggests a return, at least in certain social dimensions, to the more conservative attitudes of older generations.Â
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