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That鈥檚 a higher share than Gen X and baby boomers. The cohort's feelings about its personal financial situation, along with inflation and a boost in savings from government stimulus at the height of the pandemic, helps explain why Gen Z has stepped up its spending while other generations tighten their belts.

Gen Z will make up 20% of the US population this year, about the same percentage as millennials, Gen X, and baby boomers, per the US Census Bureau. Marketers must recognize that what works for older demographics won鈥檛 necessarily work for the first digitally native generation.

Millennials are leaving Facebook (as are Gen X and baby boomers) and their Instagram use is stagnating. Their TikTok use is on the rise, meaning advertisers may want to invest more in the channel to meet millennials. Of course, TikTok鈥檚 entire US existence is on more precarious footing than ever, so tread carefully. 4. Millennials are most likely to buy on social.

If consumers make a purchase without fully considering it, they could end up regretting the decision and return the product. 58% of Gen Zers, 55% of millennials, and 56% of Gen Xers regret at least one impulse purchase they made after seeing a product on social media, per an August 2023 survey from Bankrate and YouGov. That number rises to 62% for baby boomers.

Age is the determining factor in willingness to try new products, with millennials and Gen Zers more likely to branch out than Gen Xers or baby boomers, according to our CPG and Grocery Product Discovery 2023 report. 2. Social media is also playing more of a role in discovery.

Social media is one of their top means of discovering new CPG products, following friends and family recommendations and in-store ads. 19.1% of Gen Z digital grocery buyers discovered and purchased a grocery product within the last 12 months through a celebrity or influencer, compared with 7% of Gen X and around 2% of baby boomers.

That was nearly on par with millennials and Gen Xers. Gen Z women (34%) were only slightly more likely than Gen Z men (30%) to think that social media has a negative effect on their mental health. But social media isn鈥檛 all bad for Gen Z. According to a global McKinsey poll, more than 50% of Gen Zers cited self-expression and social connectivity as positive aspects of social platforms.

Gen Z will surpass Gen X in the number of US digital buyers by the end of 2025, according to our estimates. More Gen Zers are over 18 years old than under and are making their own purchases. Nearly 20% of Gen Z adults in the US identify as LGBTQ+, according to Gallup. Gen Alpha will be more diverse than the rest of the population, according to the US Census Bureau. 2.

Though millennials buy the most secondhand luxury items, Gen X spends the most money per person. Meanwhile, baby boomers are the highest-value sellers on the platform. Technical assistance: Looking ahead, technology may help bring in the next wave of secondhand luxury buyers, according to online luxury marketplace Farfetch.

We expect Gen Z to surpass Gen X in the number of digital buyers by 2025. YouTube Is the Best Way to Reach Gen Z, but Don鈥檛 Discount Emerging Players. YouTube is used by more Gen Zers than any other social media platform, per a November 2022 Morning Consult survey. And TikTok remains hot: Gen Z accounts for nearly half of the platform鈥檚 users this year, per our forecast.

And they rely heavily on digital when making purchases: Gen Z will surpass Gen X in the number of US digital buyers by 2025, per our forecast. But a new, digitally native generation presents novel challenges for credit card marketers. Gen Zers live online and tend to conduct more research pre-purchase. That makes them less susceptible to awareness-building campaigns for cards.

C) Gen X/Baby boomers. Two-thirds (66%) of millennials say that based on their own experiences, they believe the banking industry is trustworthy, according to The Harris Poll鈥檚 The Personal Bank report. While still relatively high, it鈥檚 lower than the 71% of Gen Zers and 72% of Gen Xers/baby boomers who say the same thing. October 1, 2024.

Less than one-quarter of Gen Xers and just 10% of boomers said BNPL was their top choice, but they鈥檇 rather use no installment plan than a card-linked plan. What went wrong: BNPL firms are losing out to credit cards in key areas. While 35.6% of respondents called BNPL a 鈥済ood way to pay for larger purchases,鈥� they鈥檙e still reserving their largest transactions for their cards.

Gen Xers and baby boomers shopped Temu more frequently and spent more than younger shoppers in 2023, according to research firm Attain as reported by Bloomberg. That trend may be a result of Temu鈥檚 presence on Facebook, where we forecast consumers ages 55 to 64 spend an average of 25 minutes a day (more than any other age group).

The unexpected twist: Gen Xers and baby boomers shopped Temu more frequently and spent more than younger shoppers in 2023, according to research firm Attain as reported by Bloomberg. Consumers ages 59 and older were also the most loyal, placing about six orders over 12 months, twice as many as Gen Z consumers ages 18 to 26.

For example, 71% of Gen Zers and millennials would consider buying life or health insurance through a fitness app, versus just 38% of Gen Xers and boomers, per an October 2022 Majesco survey.

On average, 37.4% of millennials and Gen Zers say social media helps them become aware of a bank鈥檚 products and services, versus just 16.5% on average for Gen Xers and baby boomers. Most ads are minimally effective in building brand awareness among younger consumers.

More than a third of Gen Zers and millennials, and nearly three in 10 Gen Xers, currently consider a fintech or digital bank to be their primary checking account provider. The secret of their success: The banking industry鈥檚 long-term health depends on providing services to young consumers.

We expect the number of US Gen Z Pinterest users to rise by 9.7% YoY in 2024, while the number of millennial, Gen X and baby boomer users will be stagnant or fall. 鈥淭he reality is that we鈥檙e aging up,鈥� said Snap鈥檚 Harris. 鈥淭he 17-year-old who joined the platform 13 years ago is now 30 and at a different life stage.鈥�