Social Media Significantly Influences Purchase Decisions for 85% of Gen Z — Retail Bum

Forty-one percent of Gen Z claim to save more money than they spend, while 36% reportedly spend more than they save, ICSC’s latest research shows.

The majority of Gen Z’s proclivity toward saving more money comes at a time of economic difficulty, with 84% of older Gen Z consumers, aged between 23 and 26 years old, expressing concerns about the U.S. economy, surpassing the 71% of 16- to 17-year-olds who shared the same sentiment.

Gen Z’s interest in being more financially responsible has come even as their self-reported income has climbed by 2% compared to the previous year.

It is worth noting that even though more Gen Z consumers are looking to save, most have been struggling. A September 2022 report from Bank of America found that 73% of Gen Z consumers found it difficult to save money due to the economic environment. Additionally, 56% of them expressed increased financial stress due to inflation.

Gen Z consumers might be becoming more money conscious but still expect a seamless shopping experience. Meaning brands and retailers cannot slack. Specifically, 46% of the Gen Z respondents emphasized the significance of a seamless checkout process, closely followed by fast shipping (45%) and immediate in-store availability…