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With Gen Z shunning the 9-to-5 lifestyle, this trend is likely to continue: 52% of Gen Z professionals did freelance work in 2023, versus just 30% of Gen Xers, per a November 2023 Upwork study. COVID-19’s lingering impact on life expectancy will also reduce the number of consumers eligible for life insurance.

By comparison, while Gen Xers and baby boomers will make up smaller shares of overall BNPL users, the percentage of Gen Xers who are users will climb steadily in the coming years. Click here to view our full forecast for US BNPL service users, by generation. The expansion of BNPL into spending categories like travel and healthcare has helped drive growth among older consumers.

And Gen Zers and millennials are almost twice as likely as Gen X and boomers to maximize their rewards potential by stacking credit card points with other loyalty programs, at 61% and 36%, respectively, per Amex. Our take: With these trends in mind, issuers can adjust their strategies to offer the greatest value to consumers as many start to pull back on nonessential spending.

Influencer marketing is often associated with Gen Z and millennials, and for good reason. Nearly half of both generations are more likely to trust an ad featuring an influencer they trust, according to June 2024 data from Captiv8. But 79.8% of US Gen Xers and 53.9% of US baby boomers will use social media this year, per our May 2024 forecast. To ensure marketers seize the untapped potential for reaching these generations, we’ve compiled a generation-by-generation breakdown on how and where to reach them.

Almost three-quarters (72%) of Gen Z consumers have purchased an item directly from a social media platform, per Grin, compared with 65% of millennials, 60% of Gen X, and 46% of boomers. Roughly 2 in 5 (38%) Gen Zers make a social commerce purchase at least once a week, while 31% do so at least once a month.

It’s no surprise that 18- to 24-year-old TikTok users spend a lot of time on the app—79 minutes per day, according to our latest forecast. But what’s not so obvious is that Millennials and Gen X users are gobbling up tons of TikTok videos, too.

Gen Z will make up 20% of the population in the US this year, putting it solidly in line with millennials, Gen X, and baby boomers, per the US Census Bureau. That said, 42% of Gen Zers will still be minors, and as a result their spending power will remain below that of older generations.

In the US, 56% of Gen Z adults prefer to buy from companies that reflect their social values, according to Morning Consult. Gen Z’s figure is slightly lower than those of other generations, with Gen X at 61% and baby boomers and millennials at 59% each.

Gen Zers are ready to spend. The majority will be adults in 2023, meaning increased spending power. 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.

Gen Zers and millennials are more likely than older generations to do their holiday shopping in-person at the mall, whereas Gen Xers and baby boomers are more likely to shop online via retailer websites, per The Harris Poll.

Thirty-one percent of US adults said social media has a positive effect on their mental health, per YouGov. However, almost as many (30%) feel it has a negative influence. Across generations, millennials are most likely to report a positive effect, while Gen Xers are more likely to cite a negative impact.

Key stats: 69% of millennials, 57% of Gen Zers, and 54% of Gen Xers worldwide prefer messaging apps like Skype and WhatsApp for customer service, per Genesys, indicating that the audience exists for Skype but Microsoft once more missed out on capitalizing on an  opportunity.

The number of Gen Z users will increase 15.5% this year, outstripping growth among millennials (1.8%), Gen Xers (5.6%), and baby boomers (6.4%), per our forecast. In 2028, Gen Zers will use BNPL services more than any other generation. Click here to view our full forecast for US BNPL service users, by generation. The Gen Z BNPL debt trap has yet to materialize.

Nearly 1 in 5 (17.5%) of Gen Zers prefer AI tools over Google, per Pearl, compared with 10.2% of millennials and 8.5% of Gen Xers. Copilot reviews are mostly negative. Only 3.3% of IT leaders said Copilot has provided significant value and it fails to deliver on 75% of what Microsoft said it can do.

Trust in AI search tools varies across generations, and older consumers—particularly Gen Xers and baby boomers—are skeptical of AI as a whole. 46% of Gen Xers and baby boomers who dislike AI summaries cited mistrust in AI itself. Gen Zers and millennials are more likely to criticize AI summaries for errors, and over half (58%) who dislike AI summaries pointed to inaccurate information.

AI shopping penetration is higher for Gen Z than for millennials (45%), Gen Xers (32%), and baby boomers (22%), per Lily AI. Key stat: On TikTok, encouraging impulse buys often means choosing the right song.

comfortable—and 45% are uncomfortable—with brands using generative AI (genAI) to create imagery, according to a new report from YouGov. 55% of US consumers are uncomfortable with brands using genAI for creating social media posts, per YouGov's report. 18% of Gen Zers and millennials believe more personalized content experiences will be a benefit from the use of genAI in content creation, compared to 9% of Gen

Shooting games are the favorite among Gen Zers, while millennials prefer action/adventure games, and Gen Xers and boomers prefer puzzle or logic games, according to the Collage Group report. Gen Xers and boomers may be more comfortable with digital versions of games they grew up with (like Yahtzee or crossword puzzles) on a device they already understand—their phone.

That figure worsens among certain age groups: millennials (34%) and Gen X (31%) are most likely to lack emergency savings, while baby boomers (16%) are least likely. What this means for banks: Seventy-three percent of US consumers say inflation is preventing them from saving as much as they should—and they likely won’t experience pricing relief anytime soon.

Gen Z is rapidly closing the adoption gap, on track to surpass Gen X users by 2028. The shift is driven by Gen Z's increasing disposable income as they enter the workforce, coupled with their enthusiasm for emerging technologies and AI-enabled features. Despite this momentum, significant growth potential remains untapped, particularly among older demographics.