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Nearly Half of Gen Z and Millennials Say We’re Already in a Recession

Since talks of a recession began, YPulse has been asking young consumers their thoughts, and more than ever say we’re already in one… 

 

Written and Edited by the YPulse Editorial Team
KEY TAKEAWAYS
  • Over 90% of Gen Z and Millennials say we’re going into a recession in the near future, or are already in one
  • With so many saying we’re already in a recession, they plan to spend only on necessities—especially financially stressed Millennials
  • Young consumers are prepared to change their spending habits in nearly every category should we go into a recession
For months now, experts have been going back and forth on whether we’ve gone into a recession—and Gen Z and Millennials are torn on what to believe. For as long as they remember, recessions have only ever been major market crashes; Millennials came out of college into the Great Recession, and Gen Z have even told YPulse they don’t remember a time before the recession. Both gens experienced the quick, but intense, COVID crash. Now, as many predict a less extreme recession, young people aren’t sure exactly what to expect. But YPulse data shows that most do think a recession is coming—and many think it’s already happening:  Nearly half of young people say a recession is already under way  Currently, half Gen Z and Millennials (47%) are currently predicting an incoming recession, but nearly the same amount (44%) say it’s already happening—and have been saying so for a while. Since YPulse first asked in August, no less than 40% of young people have said “we are currently in a recession,” with little...

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