61% of Gen Z are worried about their finances/career. Even though they remain more confident about their finances and career prospects than older generations, their transition into adulthood makes them more affected by macroeconomic developments (eg inflation, risk of unemployment).
While Gen Z is still keen to spend money, a greater share of these consumers are managing their own household budgets, along with a growing tendency towards saving. Brands in essential categories can get them excited about activities like buying more own-label products by positioning savvy shopping as part of a cool lifestyle.
Although it is an essential part of their everyday life, Gen Z has a complicated relationship with the online world. This drives their longing for pre-digital times, reflected in a preference for nostalgic products. Brands across various sectors are well-placed to tap into Gen Z’s desire for nostalgia, for example by bringing back old technologies and retro toys.
Gen Z’s transition into adulthood poses new challenges, like managing their own household budgets. Brands that position savvy shopping habits as a cool lifestyle and tap into Gen Z’s desire for nostalgia will resonate.
Dr. Jennifer Hendricks, Principal Analyst – Consumer Lifestyles, Germany
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