I recently sat down with HP Labs for Part 3 of a five-part series discussing HP’s future technology vision, and how key global forces known as Megatrends are being used to shape that vision and our future. Megatrends are global socio-economic, demographic and technological forces that will have a sustained and transformative impact on businesses, societies, economies, cultures and our personal lives in unimaginable ways in the years to come.
One of the trends that will dramatically shift the tapestry of our society is Changing Demographics. I sat down with HP Labs to discuss this trend and how it will impact our future. Here’s a preview of our conversation:
How would you describe Changing Demographics?
On one hand, we have a new generation that is beginning to enter the workforce. Numbering 2.6bn globally, Generation Z (Gen Z) is about a quarter of the US population and will account for 40% of all consumers by 2020. By 2020, Gen Z will make up 36% of the GLOBAL workforce. [Source: US Consensus Bureau]
This generation has never known a world without the Internet and generation was raised on using five screens, a smartphone, tablet, laptop, desktop and TV, to communicate and digest information instantaneously, but are equally easily distracted. Having never spent a day of their lives offline, they are acutely aware of the issues and global challenges happening in the world around them. As a result, they are 54% more likely to say they want to have an impact on the world as compared to millennials. [Source: Sparks & Honey, Millennial Branding, Salt]
Yet at the same time more countries are becoming super-aged, which means more than 20 percent of their population is over the age of 65. By 2030, we’ll have twice as many people over age 65—nearly one billion.
In fact, per the World Bank Databank, by 2060 we’ll have 3B more people over the age of 30 than we do today. And as more countries are becoming super-aged with more than 20% of their population over the age of 65, we will experience a shrinking and aging workforce. China is a perfect example of this phenomenon. Today 26% of their population is over the age of 55. And according to UN Population data, that number will grow to 43% by 2030. To deal with this shift, China recently rescinded their one child policy after 35 years.
To read the entire interview, head over to HP Labs’ blog and let me know your thoughts on Megatrends and their impact on our future in the comments section below.