U.S. Gen Z & millennials: consumer goods and shopping behavior - statistics & facts
Although millennials had been the center of companies’ attention for several years, many businesses and retail industry professionals across the globe now have a vested interest in the distinct shopping behavior of "zoomers", i.e., members of Generation Z. The millennial generation, also known as Generation Y, comprises people born between 1981 and 1996, and is followed by Generation Z, which includes individuals born 1997 to 2012. Each of these generations constituted just over a fifth of the entire United States in 2023, with millennials accounting for the highest population share that year.
The next generation, Gen Alpha, will increasingly become the talk of the town within the context of consumer behavior in the coming years. As Gen Alpha is the current youngest generation, consisting of children and teenagers born after the early 2010s, they are not making many shopping decisions of their own just yet, but it will be interesting to discover in what ways this digitally literate group may differ from those who came before.
Gen Z
Consumers of the Z Generation are tech-savvy individuals, with many shopping online just as often as they do offline. Not only that, a considerable share of zoomers make use of apps and the web to research and learn about products. Interestingly, only about a third of Gen Z in the U.S. said seeing an ad on TV caused them to buy a product, but seeing an advert on social media convinced about two-thirds of respondents to buy. Relating to this, Gen Z was also most likely to make a purchase from an influencer-founded brand in 2023.Gen Y
Compared to Gen Z, millennials typically spend more money, which comes to no surprise, since they are older, more likely to be employed, and typically less reliant on their parents or guardians. For 2023's holiday shopping season, for example, millennials planned to spend an average of nearly 2,000 U.S. dollars, while Gen Z consumers intended to spend under 1,300 U.S. dollars per capita.In what ways are Y and Z different?
At times, millennials and zoomers in the United States exhibit distinct behavioral traits, but there are cases in which the generations are similarly minded. For instance, just over 20 percent of both groups were concerned about affording day-to-day expenses due to global financial concerns, i.e., inflation, in 2023. That said, the number of Gen Z shoppers willing to budget carefully due to these concerns was much lower compared to millennials.The next generation, Gen Alpha, will increasingly become the talk of the town within the context of consumer behavior in the coming years. As Gen Alpha is the current youngest generation, consisting of children and teenagers born after the early 2010s, they are not making many shopping decisions of their own just yet, but it will be interesting to discover in what ways this digitally literate group may differ from those who came before.
