Yes, young shoppers may be spending more, but they’re saving for the future, too. With Gen Z and Millennials returning to some of their pre-pandemic routines (in-person shopping is the top activity they’re most comfortable doing), they’re spending more on apparel, travel, and celebrations. New research from PayPal shows that while Gen Z and Millennials have more occasions to shop for, budgets are also top of mind, with 57% of consumers saying they’re using buy now, pay later (BNPL) services. With more brands integrating BNPL options, the service is only growing in popularity, and YPulse’s Retail’s New Reality trend data shows that 51% of young shoppers have used or are interested in using buy now, pay later services. Last year, 40% of BNPL users were Millennials, and Gen Z is expected to eat into this share over the next four years, according to a report from eMarketer. Increased shopping is making young consumers think about their future, and 40% of college students say they’re putting money toward an emergency fund. (Footwear News, The Hill)
