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But millennials and Gen Xers are also spending a great deal of time on the platform, according to our 鈥淭ime Spent on TikTok鈥� report. US TikTok users ages 25 to 54 will spend over 45 minutes a day on the platform this year, well above the time that age group spends on other platforms.

Generally speaking, it's millennials who are urban and high income who are using the highest number of messaging or social services. Paul Briggs (13:40):. Yeah, you mentioned that age breakout and how important the median age of a population is and how that influences the type of behaviors they exhibit.

Remote work has also enabled Gen Z to carefully choose their cities and towns, while millennials were drawn to large metropolitan areas for job opportunities. The rising costs of insurance: Gen Z is well aware of climate change鈥攂ut what they may not know just yet is how it will affect the price of their homeowners insurance.

By the end of our forecast period in 2027, Gen Z will pass their millennial cousins as the age group with the highest uptake of voice assistants. We project that about 64% of the US Gen Z population will use a voice assistant monthly in 2027, up from 51% in 2023.

Fintechs, banks, and the government will reshuffle the payments deck in 2024. New features and competition will redefine the digital wallet user experience, and FedNow will pivot payment flows in new directions.

Millennials and Gen Zers are also set to inherit over $84 trillion in wealth by 2045 from loved ones, per The Street. Financial institutions (FIs) that aren鈥檛 targeting young consumers now could be foregoing strong relationships with them later, when their deposits have grown. The other problem: Despite the stereotypes about them, most seniors are online鈥攁nd digitally proficient.

Young adults use multiple platforms and are harder to pin down.

Young adults buy into resale ecommerce. Just 9% of US adults ages 55 and older have bought clothes from online secondhand stores, according to October 2022 CivicScience data. But among adults ages 18 to 24, that figure jumps to over 50%. That habit won鈥檛 go away as young adults age.

Yeah, they're basically a dead heat in terms of Instagram and YouTube in terms of millennials and Gen Z who are on these platforms. (12:15):. Facebook is the only one where Millennials are quite far ahead of Gen Zers. Yeah, I thought that was a really interesting finding, considering that we do associate Instagram and YouTube more so with the Millennial cohort than we would with Gen Z.

Beauty was perfectly positioned to capitalize on consumers鈥欌�攑articularly Gen Z and millennials鈥攄esire to buy lower-cost alternatives to premium beauty products. Leaning into 鈥渄upes鈥� helped the brand approach the $1 billion sales mark. TJX thrived as value-oriented shoppers gravitated toward off-price merchants and other discounters in search of deals.

Both millennials and Gen Zs are more likely to begin product searches on social media platforms than their Gen X and Boomer counterparts. #TikTokMadeMeBuyIt: While Gen Z consumers have not been immune to the effects of inflation, they鈥檙e less likely to cut back on fun or impulse purchases, dining out, or leisure travel than millennial, Gen X, and Boomer shoppers.

Gen Zers and millennials show higher levels of P2P buying across major platforms. Respondents ages 18 to 25 reported using Depop, OfferUp, and Poshmark at much higher rates than the average, while millennials led by significant margins when it came to Bonanza, The RealReal, and thredUP. Resale shoppers care most about saving money.

Millennials put the 鈥淢鈥� in mcommerce. Over the past three years, millennial shopping habits have pivoted toward weekday mobile use, according to CouponFollow. Most US adults shop at least once per week, according to Jungle Scout, with 83.3% of US mobile device users ages 14 and older shopping on a mobile device, according to our forecasts.

They鈥檙e also quickly growing adoption of in-store digital payments like Apple Pay: While they currently trail millennials, by 2026 the gap will narrow (42.1 million Gen Z users versus 45.6 million millennial users) as Gen Z continues to build buying power. See our Payments Trends to Watch for 2023 report for further exploration of Gen Z鈥檚 payment habits.

To put that into perspective, that鈥檚 nearly twice as high as millennials (11.2%) and significantly higher than the total US population (7.2%). Same-sex couples make up about 1% of married and over 5% of cohabiting households, per the 2021 US Census American Community Survey (ACS).

The insight: Gen Z consumers are 44% more likely to increase their spending this holiday season when compared with millennials, Gen Xers, and Baby Boomers, per new research by First Insight shared exclusively with Insider Intelligence. Thirty-six percent of Gen Zs plan to spend more this year, compared with 31% of millennials, 21% of Gen Xers, and 16% of Baby Boomers.

Sixty-four percent of Gen Zers and millennials are interested in buying embedded financial products, versus just 42% of baby boomers, per an October 2021 Bond and Cornerstone survey. To get in on the ground floor of growing purchasing power, insurers must meet younger generations where they are now. Embedded insurance will trigger a wave of insurance disruptors.

Low fees aren鈥檛 always the highest priority anymore, and 60% of millennials and Gen Zers said they'd switch banks for a better digital experience, better rates, or better cash incentives and rewards, according to MoneyWise. Banks have also realized the importance of ESG and sustainable banking to the Gen Z cohort.

Gen Z approaches millennial levels of social network use. Don鈥檛 forget 鈥渢he Facebook generation鈥� yet. Millennials still make up 30.0% of US social network users (68.5 million), according to our forecast. But Gen Z accounts for 24.7% (56.4 million) and growing.

Millennials cared the least (43%) about seeing online reviews, even fewer than the Silent Generation (47%). Google is still the go-to source for reviews, social media not so much:. 58% of all patients started their quest with Google鈥檚 search engine. Millennials (68%), Gen Z (64%), and Gen X (62%) reported turning there first to find patient reviews.

We asked ChatGPT to give us 鈥渦nique Instagram post ideas for a millennial-oriented shoe brand鈥� and the chatbot offered unique campaign and partnership ideas, even drilling into specifics of what one of these campaigns鈥攁 鈥渟hoe of the week鈥� feature鈥攎ight look like. 2. Create more content. For better or worse鈥攂ut probably for worse鈥攙olume matters when navigating platform algorithms.