WHY GENZ SPEND MORE

As technology continues to evolve, so does the way Generation Z chooses to spend their money. Gen Z (born between 1995 and 2015) are the first generation of true digital natives, who grew up with smartphones and social media. This has led them to develop a unique spending mindset that sets them apart from other generations. 

 

Unlike previous generations, who were more inclined to save their money for future investments like houses, cars, or college tuition, Gen Zers are much more focused on short-term gratification. They are less interested in purchasing tangible assets like furniture and appliances, and instead prefer experiences they can share with friends online. As a result, Generation Z spends more on activities such as travel, restaurants, concerts, festivals and streaming services than any previous generation. One of the main reasons Gen Z chooses to spend their money this way is because it provides instant gratification. Experiences can be shared almost instantly via social media platforms like Instagram and Snapchat, allowing your colleagues to see what you're up to in real time. This creates a feeling of FOMO (fear of missing out) among your peers, leading to even greater spending as everyone struggles to keep up with each other's adventures.