Banking on the next generation

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B A N K I N G O N T H E N E X T G E N E R A T I O N What young people are spending their money on... Food: 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. 8
B A N K I N G O N T H E N E X T G E N E R A T I O N What young people are spending their money on... Experiences: 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! Fashion: The only outlier from this tendency to spend time with others in outdoor experiences is fashion - Gen Z use fashion as a form of selfexpression. 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. 91
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Banking on the next generation

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