However, they still shop in stores more often than Gen Z.
They watched the world go from AOL dial-up to always-on connectivity, and they take advantage of this convenience at every turn. Both shop online – but Millennials like in-store purchases And to pay for their purchases, 18% of Gen Z are using buy-now-pay later while only 15% of Millennials are turning to this payment option with greater frequency. Due to inflation, 22% of them are buying more secondhand products rather than buying new products, as compared to 19% of Millennials. Given that most Gen Z’ers haven’t formed households yet, we see them saving money on non-discretionary items. Millennials are choosing these options as a way to cut down on their grocery bills, which are rising steadily due to inflation. This makes sense because more Millennials have families than do Gen Z’ers. Millennials also are turning to discount retailers (26%) more often than Gen Z (22%). Our recent research found that 30% of Gen Z and 27% of Millennials were buying much less due to inflation.īut while 27% of Millennials are buying more private-label products to save money, only 13% of Gen Z does so. Inflation has impacted the shopping behaviors of both Millennials and Gen Z. Millennials and Generation Z are different in how they shop, interact with brands, and view money. Gen Z: How are these generations different? It will be interesting to see how their preferences and shopping habits evolve when the entire group is earning and spending its own money. It’s important to keep in mind that more than half of this generation is still in grade or high school and living at home, while many are away at college. Members of Gen Z are those born between 19. This means that in 2022, Millennials are 25 to 41 years old. We’re defining Millennials as those born between 1981–1997.
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