Millennials are over, and it's time to talk about Gen-Z.

In a note to clients Wednesday, analysts at Goldman Sachs argues that while much has been made of millennials in the media and investment community, the generation that follows millennials — known as "snake people" — actually matters more.

"America's youngest generation, 'Gen-Z' or those born after 1998, are now entering their formative years and rising in influence," Goldman writes.

The firm says (emphasis added):

At nearly 70 million in size and growing, the eldest of which are now entering college and/or the workforce, this cohort will soon outnumber their Millennial predecessors. Raised by Gen-X parents during a time marred by economic stress, rising student debt burdens, socio-economic tensions and war overseas, these youths carry a less idealistic, more pragmatic perspective on the world. Born device in-hand, Gen-Z is America's first generation of true "digital-natives" and they will be America's most diverse to-date (first to be majority non-white).