New Research From Cassandra Reveals Gen Z’s Current Economic Behaviors
6 in 10 Gen Z’s are concerned about a possible recession
NEW YORK, February 2nd, 2023 – The latest research report, Gen Z Values & Value: Consumer Confidence released by Cassandra, Big Village’s insights and strategy group that studies trendsetting young consumers, uncovers new findings on the impact of inflation, mixed signals around a potential recession, and Gen Zs attitudes given current economic uncertainty. From an early age, Gen Z has seen first-hand how fragile the system is as a result of the Great Recession in 2008 – and 70% agree that inflation and the rise in prices of everyday items are having an impact on their households.
“Experiencing the impact of economic downturn from a young age has left a lasting impact for many Gen Zs,” said Kathy Sheehan, Senior Vice President, Cassandra. “Now, with the leading edge of Gen Z in the early stages of their careers, Gen Z is reflecting on lessons and anxieties learned during childhood to prepare for the unknown. Today’s youth are practical, wary, and quick to make changes to recession-proof their futures.”
Despite their worries, Gen Z is the least likely generation to say they have concerns about a possible recession, mostly because of this “quick-to-change” attitude. They have only ever known permacrisis and combining this with a different set of values and life goals leads to adjustments in purchasing decisions. The report finds that 79% of Gen Zs have taken some action as a direct result of the increased cost of living brought on by inflation, including the usage of personal finance savings and investing apps like Mint and Acorn. Gen Z has found that technology is helping drive dramatic shifts in the way they save money, pair that with early life experiences and they are setting the stage for smarter financial decisions.
Additional key findings include:
- 62% of Gen Z are concerned about the possibility of a recession having an impact on their household within the next 6 months.
- 67% of Gen Z believe that now is a good time in terms of economic stability to increase the amount of money they’re saving.
- 76% of Gen Z plan to do more product comparison research than they normally would to find better deals.
- 49% of Gen Z believe that now is a good time in terms of economic stability to make extra or lump sum payments to pay off or pay down outstanding debts.
The Gen Z Values & Value: Consumer Confidence Report was crafted through interviews with Gen Zs in the Cassandra Collective™ across the US between November 2022 and January 2023. Additionally, a quantitative survey was fielded in December 2022. CARAVAN by Big Village interviewed a sample of 1,003 adults 18 years of age and older, based on age, gender, geographic region, race/ethnicity, and education. For more information, visit https://cassandra.co.