Apr 11, 2023
Gen Z Spending Least Impacted By Inflation
Gen Z consumers are the least likely to report that inflation has impacted their spending and they are most reluctant to reduce spending compared to other generations, says a report from Jungle Scout, an eCommerce platform. The report says 43 per cent of Gen Z consumers start their online product searches on TikTok and, despite inflation, 32 per cent shop online at least once daily compared to 25 per cent of Millennials, 15 per cent of Gen X, and seven per cent of Baby Boomers. Gen Z consumers are also the most likely to shop second hand online to save money, with 42 per cent purchasing a pre-owned item online in the past year. It is Millennial consumers who are more worried about their finances than any other generation and are nearly twice as likely to have an unstable household income compared to Baby Boomers. Baby Boomers, perhaps not surprisingly, are 78 per cent more likely than Gen Z to purchase items on sale and are more likely than any other generation to use credit cards with money-saving perks.
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