Spend-Happy Gen Z Defies Frugal Stereotypes for 2023 Holidays According to New Data
Forget frugal youths – Gen Z is gearing up for a holiday spending spree. According to new data from SimplyCodes, over half of Gen Z adults expect to spend more this holiday season compared to 2022.
SimplyCodes, the comprehensive community-powered coupon tool, surveyed over 2,200 Americans for its 2023 Holiday Shopping Outlook report, uncovering generational divides. While Gen X and Boomers tighten belts, Gen Z appears recession-resistant with sky-high spending plans.
“This year we see Gen Z’s formidable spending confidence on the horizon,” said Michael Quoc, founder of Demand.io, the tech accelerator behind SimplyCodes. “Our data demonstrates Gen Z’s unique spending psychology, and how they stray from bargain-hunting Baby Boomers and even financially-confident Millennials.”
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The report provides actionable insights for both shoppers and businesses. SimplyCodes aims to arm consumers with intelligence to navigate inflation and maximize savings. Powered by both AI and community, the platform surfaces the most up-to-date, accurate coupons anywhere users shop.
Additional Findings
- Digital coupons already have grown in usage across generations, with almost 50% of each group reporting increased usage.
- Lowest price remains the deciding purchase factor for a majority of shoppers, though Gen Z uniquely prioritizes shipping speed second.
- Over 36% of all respondents indicate plans to spend more this holiday season, suggesting consumer enthusiasm remains resilient despite inflation concerns.
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