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

The second edition of the Ipsos Generations Report reveals several key findings about generational shifts and their implications for businesses and policymakers:

  1. Demographic Changes Impacting Business and Policy: Global population decline and slowing growth rates will significantly affect workforce planning, pensions, and economic models. Businesses and policymakers must adapt to aging populations and recognize the market potential of affluent older adults.

  2. Gen Z as a Global Generation: Gen Z exhibits unique characteristics like higher stress and loneliness, online relationships, and liberal social attitudes. They may form global "tribes" with a shared generational culture, distinct from local norms.

  3. Generational Labels Vary Across Cultures: The use of generational labels like "Baby Boomers" may be misleading, as cultural and historical contexts differ across countries, leading to varying collective experiences.

  4. Limited Understanding of Generational Terms: Globally, people have a limited understanding of generational labels. Even with extensive media coverage, awareness of Gen Z varies significantly across countries.

  5. Diversity Within Generations: Generalizations about generations can be misleading. Businesses and policymakers must recognize the diversity within each generation, including emerging differences in social attitudes between genders in Gen Z.

Key Implications:

  • Businesses need to adapt to changing demographics by catering to the needs and preferences of older consumers.

  • Marketers should consider the global nature of Gen Z and tailor strategies accordingly.

  • Generational labels should be used cautiously, recognizing the diversity within each generation.

  • Policymakers must address the challenges posed by population decline and aging populations.

  • Businesses and policymakers should work together to create a sustainable future for all generations.

Overall, the Ipsos Generations Report 2024 highlights the importance of understanding generational trends and their implications for business and society. By embracing diversity within generations and adapting to demographic changes, businesses and policymakers can create a more inclusive and prosperous future for everyone.

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