Generation Hashtag will lead the way on sustainability action in 2020. Regulatory pressures will intensify over privacy concerns. Companies that spot or shun the Generation Hashtag theme will either thrive or dive. More industries will be disrupted by the sharing economy. Hashtag activism may drive the social media sphere, but its real-world impact is less clear.
Listed below are the leading TMT trends in Generation Hashtag, as identified by GlobalData.
Generation Hashtag is reshaping the world
Anyone born between 1991 and 2005 is a member of Generation Hashtag. The priorities and preferences of this demographic, which incorporates both younger Millennials and older members of Generation Z, are reshaping the corporate world. Generation Hashtag makes up one-quarter of the world’s population. Its influence will only increase as its members continue to enter the workforce.
Leading the way on sustainability
Sustainability is the most important theme for 2020. Generation Hashtag will ensure it remains at the top for both businesses and governments. This cohort holds companies to the highest standards when it comes to environmental, social, and governance issues, and it will continue to name and shame errant companies on social media.
Generation Hashtag will continue to disrupt established industries
Generation Hashtag represents a new breed of consumers that demand a personalised, convenient, omnichannel experience. They have already been instrumental in the rise of companies like Netflix, Uber, and Airbnb, and will continue to disrupt well-established markets in 2020. Companies will be forced to evolve, some of them painfully, as spending power shifts decisively from older Millennials to Generation Hashtag.
The growing importance of the Indian market
With a median age of 28, India will become the world’s youngest country by the end of 2020, according to GlobalData figures. India’s large Generation Hashtag population is fuelling economic growth and reshaping key industries like retail, media, and consumer electronics. Both global and domestic tech brands will tap into the demand emanating from this market.
Dominating the workforce
Generation Hashtaggers have been in the workforce for more than a decade, bringing with them concepts such as the gig economy, automation, flexible scheduling, and bring-your-own-device (BYOD). In 2020, tech giants like Google, Microsoft, Amazon, and Facebook will compete directly with start-ups like Slack, Trello, and Flock to get the attention of younger workers.
Hashtag activism will be inescapable
The US presidential election in November will push hashtag activism (the act of showing support for a cause, issue, or political party through a like, share, or message on a social media platform) to new heights. At the same time, the critical voices deriding it as slacktivism will increase in volume.
This is an edited extract from the TMT Predictions 2020 – Thematic Research report produced by GlobalData Thematic Research.