Evolution of Gen-Z spending habits

According to a recent study, Gen-Z (those born between 1997 and 2012) have different spending habits compared to students of previous generations.?Here are some key differences which may help with marketing to this audience.?

1. Gen-Z invests in more technology and electronics than previous generations, with reports suggesting that this age group spends on average 4 and half hours a day on their mobile phones.
2. Gen-Z prioritises experiences over possessions: While previous generations may have been more focused on accumulating possessions, Gen-Z values experiences more, such as travel, concerts, and festivals.
3. Gen-Z has become more inclined towards social and environmental responsibility; Gen-Z is more likely to support brands that align with these values.?
4. Despite spending more on technology and experiences, Gen-Z is generally more frugal than previous generations. They tend to be more aware of their finances and are more likely to look for deals, with 43% of Gen-Z citing coupons and discounts as important factors whilst making a purchase.?
5. Gen-Z is more likely to shop online than in physical stores. They prefer the convenience and speed of online shopping, as well as the ability to compare prices easily.?

Overall, Gen-Z has different spending habits compared to previous generations of students. They prioritise technology and experiences, value social and environmental responsibility, and tend to be more frugal, and prefer online shopping.

At Redbus Media, we reach two-thirds of the UK student population with Eighteen-24, our targeted network of D6s, which are situated in heavy footfall locations of over 100 university campuses. Gen-Z is traditionally a hard-to-reach audience, but D6s are the most recalled form of advertising in student unions, making this platform a smart choice.?

If you’d love to talk further, please get in touch.?

By Luke Berry

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In other news

Plans have been submitted for a new student centre at the University of York. The university wants to build the ￡35m facility at its Campus West site at Heslington. According to officials, the building would be built largely from natural materials, with solar panels and a rooftop garden.

In the last year, there has been a lot of time spent engaging and listening to the students to ensure that the plans truly reflect what they want, and need, from a building like this and that the spaces have been adapted to fit their feedback.

If approved, building work would begin in the spring of 2024, a university spokesperson added. Facilities include study areas, studios for student radio and TV, as well as space to accommodate services such as student support.

The building would also be surrounded by landscaped gardens.

Read the full article here

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Redbus Media is backed by Redbus Ventures, a UK-based company that invests in entrepreneurial businesses. Its roots stem from the media industry, although it now operates across many varying sectors.

Redbus Media and Redbus Ventures both support the Franks Family Foundation, a philanthropic organisation that funds education programmes throughout Southeast Asia.

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