A ton of industries are selling things Gen Z doesn't care about, like alcohol, razorblades, and even cars

shaunl / Getty Images

• A Bank of America Research primer on Gen Z entitled "OK Zoomer" highlights the rising generation's new consumer spending habits — and lots of incumbent industries aren't popular.
• The report found that Gen Z, those born between the years 1996 and 2016, prioritizes sustainability, activism, and technology.
• With Gen Z expected to overtake millennials in global spending power by 2031, five major consumer products have been deemed at risk of missing the Gen Z spending train.
• Gen Z's spending habits will likely be most different for cars, razorblades, alcohol, golfing — and doorbells.

If businesses thought millennials had a reputation for ruining things, then they haven't seen Generation Z yet.

A new BofA Global Research primer on Gen Z entitled "OK Zoomer" revealed that the generation born between 1996 and 2016 could spell trouble for numerous industries, including automobiles, alcohol, and shopping malls. For the report, Bank of America polled over 14,500 people over the age of 16 in the US, UK, France, Japan, Germany, South Korea, China, India, Mexico, and Brazil. The poll was conducted via SurveyMonkey in August 2020.

The trouble has to do with Gen Z's values, which differ significantly from previous cohorts, with major implications for future spending. Sustainability, tech-savviness, and activism have taken hold, posing risks to lots of things the economy produces in huge quantities.

For example, BofA found that 31% of Gen Zers believe going into debt for a car is unnecessary, compared to about 25% of millennials. Furthermore, while 41% of millennials said they were thinking about buying a car next year, only 31% of 18-to-24-year-olds said the same thing.

BofA predicts Gen Z's global income will grow to $33 trillion in 2030, eventually surpassing that of millennials in 2031.

This economic spending power means Gen Zers have a sizeable influence over the industries they wish to invest in and keep around. Right now, those deemed safe include luxury, eCommerce, and big technology platforms. Keep scrolling to find out what's at risk of having its fate sealed by Generation Z.