How young consumers shop is clearly in flux. What they buy, too, is changing
Their absolute numbers are formidable. The European Union is home to nearly 125m people between the ages of ten and 34. America has another 110m of these Gen Zs and millennials, a third of the population. The annual spending of households headed by American Gen Zs and millennials hit $2.7trn in 2021, around 30% of the total.of young consumer is to consider the economy that has moulded them.
Easy access to means of spreading payments may encourage splashing out . According to another survey by McKinsey in October, 45% of Europeans in their teens and early 20s planned some kind of splurge in the next three months whereas 83% of Boomers, born before 1964, said “No” to such profligacy. Forrester, a market-research firm, found that most users of “buy now, pay later” apps are around 20.
These “always-on purchasers”, as McKinsey has christened them, often shun a weekly shop for quicker fixes of everything from fashion to furniture. They like subscriptions, often favouring shared access to products rather than outright ownership. This has buoyed online-rental sites and streaming services. Investors may have fallen out of love with Netflix but Gen Z has not; the company remains one of the most popular brands among that age group in America.
The new world of shopping has also allowed the young to take a more informed view of the companies that they buy from. The attention economy’s information overload has not dulled youngsters’ senses but appears to have made them hypersensitive, especially to any brand that pretends to be something it isn’t. Edelman, a public-relations firm, found that seven in ten Gen Zs across six countries fact-check claims made in adverts.
More broadly, young consumers profess to be more values-driven than previous generations. Research by Forrester shows that this attitude is even more common among teenagers and 20-somethings than among slightly older counterparts. Some of these values are centred around identity . Others stem from things the young care about, such as climate change.
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