Where Does Gen Z Want to Up Its Spending?

September 3, 2021

MorningConsult Categories Gen Z Up Spending Sept2021As the world deals with the ongoing pandemic, people are headed back to work, school and restaurants, and some Gen Zers are planning to spend more. A July survey from Morning Consult (fielded just before the Delta variant gained a strong foothold) found that one-third of Gen Zers intend to up their spending once pandemic restrictions ease.

While the survey of more than 1,000 US consumers ages 13-24 discovered that half Gen Zers are planning to spend the same amount (29%) or less (22%) than during the pandemic, one-third of respondents from this age group are planning to spend more.

As for the activities and categories slated for increased expenditures, respondents are most apt to plan increased spend on concerts and movies (36%), domestic and international travel (31% and 28%, respectively), as well as restaurants and food delivery (30%). However, brick-and-mortar stores and online retailers – the latter of which are expecting to see significant growth this year – are bound to see a lot of Gen Z shoppers, as 4 in 10 say they plan to spend more on clothing and accessories than before the pandemic.

One area Gen Z is focused on is personal and self-care. Earlier data from IRI found that three-quarters of Gen Z consumers had purchased personal care products in the prior three months. Morning Consult’s data shows that this momentum is expected to continue, with about one-third (32%) of Gen Z saying they plan to increase spending on personal care like gym memberships or therapy in the coming months.

Surprisingly, streaming services may have a hard time maintaining Gen Z’s attention, despite the increased use of these services during the pandemic. While 20% say they plan to increase spending on streaming services after the pandemic, the same portion says they are planning to spend less on these services.

Overall, Gen Z spending habits appear to have remained steady before and throughout the pandemic. In fact, while 32% say they spend more now than during the height of the pandemic, an almost equal share (29%) say they’re spending less than during the height of the pandemic. Similarly, while 31% say they’re spending more now than they were prior to the pandemic, 26% are spending less than during those halcyon days.

Read more here.

About the Data: Findings are based on a July 1-6, 2021 survey of 1,018 US consumers ages 13-24.

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