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RIYADH — Despite global economic growth, expansion and opportunity, younger generations are wary about the world and their place in it, the 2019 Deloitte Global Millennial Survey revealed.
The eighth annual study found that they remain hopeful and have strong values as both consumers and employees.
The latest edition of the report is based on the views of over 13,000 Millennials spread across 42 countries and includes responses from 3,009 Gen Z respondents in 10 countries. For the first time, Deloitte’s study also surveyed Saudi Arabian Millennials, conducting 301 interviews to provide a glimpse into regional attitudes and ambitions across business, society, media and Industry 4.0.
“Millennials make up over a quarter of Saudi Arabia’s population and are playing a hugely significant role in the nation’s socioeconomic development,” said Omar Fahoum, CEO, Deloitte Middle East. “Our survey demonstrates that Saudi Arabian Millennials are far more bullish about the economic outlook for their own country than global peers, hold a more positive perception of business, and possess the skills and knowledge to find success in Industry 4.0 roles. Such findings represent positive indicators for Saudi Arabia’s private sector and the government’s economic development goals.”
“From the economic recession a decade ago to the Fourth Industrial Revolution, Millennials and Gen Zs have grown up in a unique moment in time impacting connectivity, trust, privacy, social mobility and work,” says Fahoum. “This uncertainty is reflected in their personal views on business, government, leadership and the need for positive societal change agents. As business leaders, we must continue to embrace the issues resonating most with these two generations, or risk losing out on talent in an increasingly competitive market.”
Internationally, respondents’ anticipation for economic improvement dipped to the lowest level in six years. Only 26 percent of respondents expect economic conditions in their countries to rally in the coming year, down from 45 percent a year ago.
“On average, the Millennial generation in Saudi Arabia is more satisfied with their life today compared to the global average, with 34 percent of Saudi responding positively compared to only 29 percent globally,” said Mazen Pharaon, Consulting Partner, Deloitte Digital Center (DDC) Leader in Riyadh. “The younger generation in Saudi Arabia is also more ambitious about their career and entrepreneurship opportunities. Fifty-two percent of Saudi Millennials have ambitions to reach a senior level in their chosen career paths, compared to 34 percent globally.”
“Deloitte is creating a first-of-its-kind Digital Delivery Center in Riyadh which aims to support digital initiatives by businesses and the public sector in Saudi Arabia, creating employment opportunities for hundreds of Saudi nationals to serve the wider Middle East market,” added Pharaon.
