5 Things Gen Z Spends Money On (2024)

FAQs

5 Things Gen Z Spends Money On? ›

46% of Gen Z spent more on fashion than anything else in 2022 (5WPR) Gen Z was the only generation to have clothing and fashion as their top spending category. 30% of Gen Z spent more on beauty and personal care than anything else, far more than any other generation.

46% of Gen Z spent more on fashion than anything else in 2022 (5WPR) Gen Z was the only generation to have clothing and fashion as their top spending category. 30% of Gen Z spent more on beauty and personal care than anything else, far more than any other generation.

Business Insider reports that Gen Z prioritizes splurging on groceries over other categories like dining out, travel, or clothing. Some attribute this to them staying home more since the pandemic and the increase in remote work.

Major Spending Categories For Gen Z

Gen Z spending habits show they care the most about fashion, makeup and beauty products, technology, and their pets.

Fashion dominates spending for Gen Z, with around 75% of their purchases being in this sector, compared to 65% of millennials [6].

According to Intuit's Prosperity Index Study, 75% of Gen Z's express a preference for a better quality of life over accumulating extra savings. This softer approach reflects a change in values, prioritizing personal growth, mental well-being, and experiences over materialism.

Scrilla: Sometimes spelled “skrilla,” slang for cash or currency. Cheese: Similar to cheddar, refers to money as a means of survival. Guap: Especially popular among Gen Z and Gen Alpha, it's pronounced 'gwop' and it means a ridiculous amount of money, similar to “rack” or “milli.”

Snack Food for Gen Z Consumers

Some popular snack ingredient preferences among Gen Z include: Plant-based snacks: This generation is more conscious about their health and the environment, and as a result, they are turning to plant-based snacks made from ingredients like nuts, seeds, and fruits.

Gen Z tends to spend more on high-quality snacks and beverages, raising the price on their grocery bills. One 23-year-old Gen Zer told Business Insider that “he spends about $130 on groceries for a week and a half.

They are pragmatic and value direct communication, authenticity and relevance. They also value self-care. They may be more likely than older people were when they were the age of the Gen Zers to question rules and authority because they are so used to finding what they need on their own.

What is popular with Gen Z right now? ›

Social media is a huge trend for this generation. Instagram, Snapchat, and TikTok are, by far, the most frequently used platforms. One-quarter of Gen Zers spend five hours or more per day on TikTok. TikTok continues to soar in popularity among members of Generation Z (911% in 5 years).

Journaling, meditating, running and painting have been hobbies Gen Z uses to recenter and relax in the chaotic and fast moving world. A lot of Gen Z will take to social media in order to track their progress and hold themselves accountable for their selfcare journeys. It is trendy to be healthy and balanced.

Data shows that 55% of Gen Z invest in cryptocurrencies, 41% in stocks, and 25% in NFTs.

As the first real digital natives, Gen Zers—speaking generally—are extremely online. Gen Zers are known for working, shopping, dating, and making friends online; in Asia, Gen Zers spend six or more hours per day on their phones.

Though Gen Z is into physical experiences, the bulk of young respondents say they prefer shopping online because of the wider brand selection, plus the recommendations they can get via ads and algorithms. The younger the shopper, the more inclined they are to look for inspiration online.

Diversify your portfolio

Data shows that 55% of Gen Z invest in cryptocurrencies, 41% in stocks, and 25% in NFTs.

A demographic and digital shift

Leads in alternative payment methods adoption: Gen Z is racing ahead of baby boomers, Gen X, and millennials and is up to three times more likely to use an alternative payment method, such as contactless payments, payments apps, Buy Now Pay Later, and in-game currencies.

However, Gen Z's buying patterns are different than the generations that came before them. They're not simply spending on whatever they want the moment they think of it; instead, they're being extremely deliberate with who gets their dollars, and when.