This piece highlights consumer spending by generation, which generation spends the most and what do they buy.
A recent PwC study found that only 28% of Gen X consumers had acquired products via mobile/smartphones. While 29% of Gen X said they would spend more on takeout food, only 15% will spend more on travel. A separate McKinsey data found consumers born between 1965 and 1980 are less likely to buy essential and non-essential items online.
Around 37% of millennials indicated they would spend more on takeout food, while 24% anticipate spending more on travel and 33% plan to buy more fashion and accessories. Younger millennials and Gen Z also showed more interest in the physical shopping experience than their older counterparts did.
PwC report found a whopping 43% of millennials reported buying products and shopped weekly by mobile/smartphone. Additionally, 35% of Gen Z shop online daily.
[11 minute read]