There’s been no shortage of reports on the spending behaviours of millennials in recent years, and a recent study has confirmed that the younger generation — Gen Z — couldn’t be more different.
According to LIM College, Gen Z prefers to spend more money than millennials and is more than happy to browse in-store instead of online. According to WWD, “respondents were posed with a hypothetical gift certificate and in response 40 per cent of Gen Zers chose to spend it on apparel and accessories, compared to just 23 per cent of millennials.” They’re also far more materialistic than millennials, shopping more regularly and spending higher amounts than their predecessors.
Interestingly, the shift in consumer behaviour likely signals the return of shopping mall importance as Gen Z enjoys “socialising and being with their friends.” Sounds like just the good news the retail industry has been hoping for…
Now, find out which apparel brand has just been named as the most valuable in the world.
