YouthSight eBook - Banking on the next generation

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However, sometimes spending money on status symbols take priority 65% of Gen Z ranked travel as the most important way that they spend their money. 26% are saving for a new phone or electronic device. 17% are saving for their own cars. 8 Source: HAS Store, Booking.com 8
What young people are spending their money on… FOOD EXPERIENCES FASHION Three-quarters of 16-24’s spend money on eating out every month – Gen Z love catching up with their friends over a meal. Beyond documenting their aesthetic food adventures on Instagram, this tech-savvy generation are inspiring innovative food delivery platforms like JustEat and UberEats. They are also driving the increase in alternative food options such as the rise of meat and dairy alternatives – all of which is challenging the current culinary landscape. Gen Z have a reputation of being sensible, but they are more discerning when it comes to experiences they have. They demand more – experiences need to be unique enough for them to share with others on social media. 67% of 16-24s would choose an experience over a physical gift - young people get more value out of making memories – both real and digital – than accumulating ‘stuff.’ We see this in the unstoppable rise of festivals, pop-up shops and branded experiences that young people are keen to get involved in. If you are not already doing experiential marketing, it’s time to start! The only outlier from this tendency to spend time with others in outdoor experiences is fashion – Gen Z use fashion as a form of self-expression. As of June 2019, 59% of Gen Z spent their money on clothes/shoes in the last month, which is unsurprising as clothing is central to how young people present themselves. Despite the popularity of fast fashion, they are also conscious of the ethical impact of fast fashion. Ethics are an influencing factor, however price and convenience is more important when it comes to spending on fashion. 9 Source: <strong>YouthSight</strong> State of the Youth Nation C2 June 2019 (N=1034), Y48 Feb 2019 (N=1028)
Page 1 and 2: eBook Bank
Page 3 and 4: In this eBook we w
Page 5 and 6: Gen Z in the UK are living in a tim
Page 7: Long term goals mostly drive Gen Z
Page 11 and 12: 2 The young and the cashless
Page 13 and 14: Gen Z are savvy with where they spe
Page 15 and 16: Source: Finder Digital banks are fu
Page 17 and 18: There is a stereotype that cryptocu
Page 19 and 20: 3 How to align with Gen Z’s evolv
Page 21 and 22: Taking a one-size-fits-all approach
Page 23 and 24: Gen Z aren’t spending on big flas
Page 25 and 26: Reward doesn’t have to be monetar
Page 27 and 28: Showing you understand Gen Z’s va

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