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How are OIC markets, Islamic finance responding to growing youth demographic?

16 Jun 2022 | Thursday Source: ZAWYA

Younger consumers are driving changes in global markets with their distinct preferences and habits.

In 2020, 40% of the world’s population was under 25, and 62% of the global population was under 40. The implication is clear: despite a large ageing population, a significant number of the world’s population are youthful and as they continue to enter the workforce and come of age, their consumer preferences and spending habits will increasingly dictate the future of the global economy.

Consequently, it is vital for stakeholders (e.g., governments) and industry players to be cognisant of these generational shifts, understand their preferences and habits, and adapt accordingly.

Gen Z (born after 1996) are noticeably different from other generations. Industry research, such as surveys focused on Gen Z respondents, has shown that Gen Z are perhaps more entrepreneurial, less trusting, and more focused on different values (work-life balance, wellbeing) than previous generations.

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