Gen Z (and a bit of Millennials): where do they shop?

Millennials: 1980–1994
Gen Z: 1995–2009

The why:

There’s a few reasons why retailers are keeping tabs on Gen Z: 

• They’re the largest generation to date and might even be the largest ever.¹ In 2024, Gen Z makes up 23% of the global population. Millennials make up 21%.² 
• They’re expected to be the wealthiest generation ever.¹ Between 2023 – 2040, their average gross income in real terms is expected to grow by 135%.³ 
• They’re set to have the fastest spending power growth.¹ In 2023 they accounted for $4.4 trillion global consumer expenditure.³ By 2030, they’re expected to bring the most wealth to consumer spending.¹

Where do they shop? Everywhere

The omni-channel generation

Impulsive indulgences

In 2023, out of all the generations, Gen Z was found to be the most financially distressed. Over 70% of Gen Z weren’t comfortable with their financial situation.³ Despite these constraints, Gen Z still value living in the moment and unique experiences. 

• Around 57% of Gen Z find spending on experiences important.³  
• Over 30% of Gen Z plan to spend more on new experiences.³  
• Over 30% of Gen Z regularly buy small treats for themselves.³

Gen Z are pragmatic. To make their budgets work, they research their purchases (even small indulgences) and look for quality and bargains.³  

How businesses are responding

How Gen Z and Millennials are shaping the metaverse

Baby Boomers spending habits

¹ SpendZ Report - NielsenIQ

² Future of Consumption: A Structured Approach to Identifying Opportunities - Euromonitor

³ Future of Consumption: Unlocking Gen Z Behaviour - Euromonitor

About Goodman insights

Explore more insights