Generation Z Might Be The Most Financially Empowered Yet


Generation Z is coming of age, and starting to shop for themselves. To find out what makes them tick, American Express conducted a study of 1,000 Generation Z consumers, which included those who were born between 1995 and 2001. The answer might not surprise you: it’s their phones and social media. The company gave the same set of questions to an equal sample of Millenials to see how spending habits differ generationally, and what they learned was that more so than before, Gen Z wants a fully automated, instantly gratifying shopping experience.

What makes Gen Z so important for brands to understand is their financial empowerment. The Amex survey found that 81% had made a purchase with their own money, 72% of the respondents had their own checking account, and 77% said they keep careful track of their money. The study found that Millenials care more about the image and reputation of the brands they’re consuming than those who fall under Gen Z. What forms their perception of a product is its presence on social media; 21% of those surveyed said they would stop using a product if they considered it to have a low online profile.

Loyalty to brands is tech-driven for Gen Z shoppers, which makes sense considering that 59% of those surveyed had made a purchase using a mobile app. They are most likely to stop shopping from a brand if the mobile experience is slow or glitchy according to Amex. They also are more interested than any previous generation in seamless purchase, like paying using an Apple Watch or Amazon-Prime’s same day delivery.

At this rate, it won’t be long before Net-A-Porter drones are hovering over the streets of Manhattan.


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