Gen Z is changing the way they spend amid economic pressure. While Gen Z isn’t completely abstaining from spending, several recent studies indicate young people are intentionally modifying their daily spending habits to save up. One Bank of America survey shows 40% of Gen Z is dining out less or at a lower cost, while 75% cut costs for social gatherings. Another PwC study shows 79% of Gen Z waits to make a purchase until the item is on sale, while 63% shop secondhand and 41% are fine with buying from generic brands. Young people are also cutting their subscription costs, with more than half (56%) cancelling their plans in the first quarter of the year. This type of conscious spending also extends to purchases for friends and family: 34% of Gen Z planned to cut spending on holiday gifts last year. (MoneyLion)
👀 Read more from YPulse: Are Gen Z Adults Surviving, Thriving, or Drowning Financially?
