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Insight of the Day: Ipsos Generations Report 2024: Are we prepared for population decline?

Key Themes:

  1. Demographics = Business:  Population decline and aging will impact the workforce, pensions, and economic models. Businesses, not just policymakers, must adapt and recognize the market potential of older adults.

  2. Gen Z as Global Generation:  Gen Z exhibits unique traits (higher stress, online relationships, liberal attitudes) due to being digital natives.  They might form a transnational generation with distinct cultural characteristics.

  3. Location Matters:  Generational labels like "Baby Boomers" may have limited global relevance due to differing cultural/historical contexts. (Example: South Africa's "Born Free" generation).

  4. Limited Understanding:  Globally, awareness of generational terms is low, even for Gen Z. Additionally, only a small percentage of people can correctly identify their own generational group.

  5. Diversity Within Generations:  Businesses must look beyond generalizations; there are emerging differences in attitudes along gender lines within Gen Z.

Implications:

  • Businesses Need New Strategies:  Companies must prepare for an aging workforce, shift marketing strategies to target older consumers, and potentially redesign products and services.

  • Global vs. Local Gen Z:  Brands may need to balance appealing to Gen Z's potential "global tribe" mindset while recognizing local nuances.

  • The Limits of Labels:  Generational labels are a starting point, but understanding cultural/historical contexts within countries is crucial for effective communication and strategy.

  • Focus on Individuality:  Companies and policymakers should tailor their approaches based on individual needs and attitudes, not just broad generational categories.

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