Gen Z Remains Optimistic About Economic Future
New research from Wunderkind finds 78% of Gen Z generation have no plans to reduce spending.
Although global turmoil and economic uncertainty have many consumers tightening their belts, one cohort remains confident about the future: Gen Z.
According to a new report from performance marketing company Wunderkind, only 22% of Gen Z respondents feel like they need to reduce discretionary spending amidst today’s economic environment. With $360 billion in disposable income and buying power on the rise, that’s good news for brands marketing to this segment.
Economic headwinds remain, however, making it vital for marketers to understand how consumer behavior and desires are changing. Wunderkind’s report found that:
- 52% of U.S. consumers and 64% of UK consumers are cutting back on non-essential purchases. Another 37% of the U.S. population say they plan to cut back on essentials, while 30% of consumers in the UK plan to do the same.
- Consumers are still shopping online: 42% of US shoppers plan to maintain eCommerce shopping levels, with an additional 32% stating they plan to do more digital shopping this year.
- Luxury shoppers are still shopping for luxury in the US: 63% of high-income Americans say they have no need to cut back on luxury spending at all.
For more insights on the latest consumer sentiment and spending habits, download the full report from Wunderkind here.
