Banking on the next generation

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.
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