Gen Z, the digital-savvy generation, has distinct preferences when it comes to spending. Unlike other age groups, they prioritize owning tangible items over ephemeral experiences. Here are some key insights from the recent PYMNTS Intelligence study:
1. Financial Goals:
- Gen Z is more likely to save up for an expensive retail product than for an upcoming event or show.
- They value ownership and are seven times as likely to prioritize buying a product over paying for an experience.
2. Exception:
- Interestingly, even Gen Z prefers saving for a trip or vacation over buying an expensive product.
3. Digital Natives:
- Jacqueline White, president at i2c, highlights Gen Z's impact on digital payments.
- They favor digital payment methods over traditional ones.
Looking ahead, Gen Z's influence will continue to grow. By 2030, they will constitute a significant portion of the workforce, with increased disposable income and spending power. Businesses recognize this and are actively courting Gen Z as their future workers, customers, and partners.
Comments