To many people’s surprise, Gen Z is probably more similar to older generations than millennials or Gen Xers. Gen Z is incredibly cautious when it comes to spending money. While idealistic millennials may spend money on experiences, realistic Gen Z is more likely to save for the future. This goes back to experiences with the 2008 recession and increasing student debt in our formative years. We were faced with financial realities early on, and therefore carry a risk-averse attitude to spending.
Gen Z is used to online shopping and expects a seamless experience to pick out each detail about what we’re purchasing. From its condition to specific measurements, we want all of this information at our fingertips in order to feel more confident in our purchases. We need positive digital opinions of the product as well as detailed return policies, warranties, brand assurance, and even a preference for free shipping before purchasing a product.
Gen Z is not just cautious about money, but also cautious of products themselves. We see this with everything from restaurants providing organic, gluten-free, vegan options, to companies advertising BPA-free water bottles. Companies that are advancing are marketing safety and health like never before, due to Gen Z and their parents avoiding any sort of risk or hardship after experiences like the recession.