Investment: Gen Z and the New Consumer (tech, sharing,experiences)We believe our Demographics theme is the ultimate demand driver in a TransformingWorld and will profoundly impact the Consumer sectors over the next 10 years.However, consumers in each demographic cohort are as diverse as ever, meaning thereis no silver bullet strategy to fulfil demand. Companies will need to adapt or facedisruption from the emerging spending power not just of Millennials but also of newGen Z consumers (e-commerce, same-day delivery). But there are also ‘untapped’opportunities (Ageing Consumer – #1 cohort by spending power, but less than 5% oftargeted ad dollars) as well as ‘structural’ opportunities (Bottom Billions Consumer –3.6bn middle-class consumers today in 2018 growing to 5.3bn by 2030).