Gen Z Savers Splurge on Luxuries While Hunting Deals, Eyeing the Future

Gen Z are big savers, with 89% saying they've saved money in 2023, but also big spenders - 75% splurged on something.
Economic uncertainty causes stress, but Gen Z is adapting - cutting back in some areas to splurge in others.
Gen Z looks for deals - using coupons, codes, waiting for sales. Thrifting and buying used is popular.
Big purchases on luxury items or experiences don't cause money stress. Gen Z saves on necessities to fund splurges.
Gen Z has an eye on the future - spending on pets, clothes, tickets now to benefit later.

usatoday.com

Relevant topic timeline:

8/20/2023

Gen Z and Millennials Need $3M–$5M To Retire: Report

Gen Z and millennials need to save between $3 million and $5 million due to inflation, which has led to a three- to five-fold increase in the recommended retirement savings target, according to a Bloomberg study.

8/26/2023

Gen Z’s FOMO is driving them to trade more than any other generation. Are they securing their future—or driving themselves to ruin?

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8/31/2023

Managers say Gen Zers aren't getting work done and lack basic social skills – and it's driving them crazy

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9/9/2023

Gen Z More Optimistic About Homeownership Than Millennials Despite High Prices

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9/27/2023

Gen Z Struggles with High Debt, Damaging Credit Scores and Ability to Build Wealth

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9/27/2023

Younger Workers Clash with Older Generations Over Work-Life Balance

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10/1/2023

Gen Z Entrepreneurs Struggle with Basic Invoicing Skills, Causing Lost Revenue

Gen Z entrepreneurs often struggle with invoicing, with 93% seeking help from their parents and 53% unsure of what to include, which can lead to financial setbacks and damage to their professional reputation, according to a survey by Skynova.

10/9/2023

UK Study: Gen Z's Surging Inflation Fears May Entrench High Prices and Inequality

The economic backdrop faced by Gen Z, including inflation and high living costs, is expected to have a deep impact on their pay expectations and spending habits, potentially pushing prices higher. Young people in the UK have seen their inflation expectations rise significantly, driven by experiences of a cost-of-living crisis during their formative years. This could have long-lasting psychological and economic effects on Gen Z and society as a whole.