Groceries are becoming the top spending category for young gens. Especially after the pandemic, young consumers are increasingly showing a preference for investing in essential items that are considered “just the basics.” Bank of America’s 2023 Better Money Habits report showed that many young people were adjusting their spending habits due to challenging economic conditions, revealing a trend of decreased interest in dining out among Americans across all age groups. Although Gen Z and Millennials are currently prioritizing needs over wants, other studies indicate that they are falling behind in terms of emergency savings and overall savings. (Market Realist)
📊 YPulse data: 81% of 13-39-year-olds agree: “Inflation has impacted my spending over the last year”
