YouthSight eBook - Banking on the next generation
Gen Z's attitudes to money and how you should react
Gen Z's attitudes to money and how you should react
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Why should you care what young people spend <strong>the</strong>ir m<strong>on</strong>ey <strong>on</strong>?<br />
It’s easy to think that young people d<strong>on</strong>’t want to spend <strong>the</strong>ir m<strong>on</strong>ey <strong>on</strong> big purchases<br />
such as a house or car because it takes too l<strong>on</strong>g...<br />
…However instant gratificati<strong>on</strong> isn’t <strong>the</strong> reas<strong>on</strong> why young people are spending <strong>on</strong><br />
smaller, easy access items…<br />
Mini status symbols deliver cultural currency and are obtainable<br />
Status is being redefined by young people – for older generati<strong>on</strong>s having a big house<br />
and a luxury car symbolise status, however because young people can’t afford <strong>the</strong>se<br />
things, <strong>the</strong>y turn to mini status symbols instead.<br />
These are things like going to quirky food places, festivals, branded experiences or<br />
keeping up with <strong>the</strong> latest fashi<strong>on</strong>. Status for young people is far less extravagant.<br />
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