Gen Z’s Economic Impact Soars as Workforce Entry Boosts Spending Power to Over $1 Trillion

Kanpur Pig Farm at 08:31

Early research on Generation Z found that while they make up about 25 percent of the U.S. population, their spending power was substantial. But new data shows that as these digital natives are entering the workforce in greater numbers, their spending power is off the charts. According to a new report from Gen Z Planet, the growing number of Gen Z in the workforce combined with wage increases and additional income streams, has pushed Gen Z’s income to be now slightly over $1.1 trillion. “This number is the sum of money Gen Zers between the ages of 16 to 26 generate from full-time or part-time employment (pretax), receive from their parents, or earn from side hustles,” the report’s authors said. “After deducting Federal and State tax obligations on earned income, Gen Z is left with an estimated $950 billion in disposable income — a figure any consumer brand’s product development or marketing teams would be foolish to ignore,” the report stated. The mammoth spending power doesn’t tell the entire story, the report stated. “Gen Zers are far from attaining the financial independence they so desperately seek,” the report noted. “Some still live with and are supported by their parents, even when holding down

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