Gen Alpha to become economic powerhouse with $5.46 trillion impact by 2030
SARA ALZAABI (ABU DHABI)Generation Alpha is set to become the most economically relevant generation with their economic impact expected to hit $5.46 trillion by 2030, according to a UAE report. Majority of them are interested in running their own businesses and some are now making their own money. Determined to ensure it is ready for the future, the UAE has explored the first fully digital generation, the Gen Alpha, in a "forward-looking" study that can support policymaking and prepare governments for the rise of this generation.Published by the UAE Government Development and the Future Office, the 'Future Report 2025: Generation Alpha' sheds light on the youth in various aspects - from their behaviours and mind-sets to their economic footprint - as it defines major global trends governments should address.Gen Alpha are children born between 2010 and 2025. By the end of the year, there would be nearly 2 billion of them globally.Ohood bint Khalfan Al Roumi, Minister of State for Government Development and the Future, said this report "delves into the unique needs, values, and influence of Generation Alpha - a cohort already reshaping economies, transforming societies, and driving global change."Data shows that economically, Gen Alpha is rapidly turning into a powerhouse, the report said.Besides their expected $5.46-trillion economic impact in five years, they will account for $670 billion in indirect spending annually.Currently, their consumer voice is impressive in scale - 87% affect household buying and 41% base purchase on peer behaviour. Interestingly, 76% admit they want to be entrepreneurs and 31% have already started earning their own money, the report said.The Alphas are defined by their technological fluency and early exposure to artificial intelligence and social media.More than half of them (58%) owned smartphones before they turned 10, while 43% have some kind of digital device at home before 6. Seventy-two percent use tech for education while nearly all of them (93%) play online games.Majority of them (88%) think AI is critical to the future, with 70% saying they trust it. Some 41% also think tech will make the world better, according to the report.Many aspects of their lives may be digital, however, a good number of them (43%) still prefer face-to-face conversations with friends over online chats.One of the defining characteristics of this generation is their hunger for innovation - but at the same time, they have a strong sense of responsibility towards their communities and the world.Fifty-nine percent care about helping others, 45% value sustainability, and 44% believe it is important for them to express their own opinions, the report said.In terms of health, 72% are aware of the importance of exercise and almost 20% are doing it for five hours or more weekly.However, 43% are projected to be overweight/obese due to the sedentary screen time and insufficient physical activity.The report also showed that mental health continues to be a concern, with one in every seven children struggling with it. Forty-one percent of them also have low body self-esteem, which makes encouragements and open conversations crucial at a young age.
"Generation Alpha isn't a generation that waits for the future - they actively shape it. It is essential that policies be crafted to unlock their full potential," Al Roumi said.
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