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02 November 2022
Aussie Gen Z: building resilience through necessity
Youth lifestyles & attitudesAustralia
The coming 12 months will be difficult for brands and marketers, but there’s a ray of hope in the attitudes of younger Australians, who appear more confident about the future than older cohorts.
Faced with inflation and imminent recession, most consumers are reining in their spending, but a study by fintech brand Afterpay finds that Gen Z is made of sterner stuff, having lived through the 2008 global financial crisis and the pandemic before the current cost-of-living crisis.
“Gen Z are a surprisingly financially resilient and optimistic generation,” according to Kellie Clenton, global head of Afterpay SMB account management. “We think it is a resilience they’ve built through necessity.
“Gen Z have faced economic adversity and they’ve sought the necessary information, with the rise of financial influencers and online education helping improve financial literacy,” she told B&T Magazine.
Why it matters
Given Gen Z’s optimism and the knowledge that their high-earning years are still ahead of them, marketers might do well to think long term and consider how they can win the affections of this generation. That will include keeping abreast of how tech and social platforms are evolving and tracking developments in the metaverse.
Three-quarters (78%) of Gen Z expect prices to rise over the next 12 months, but they remain optimistic; over a third (36%) expect to do more shopping during this period.
While one-in-three Gen X Aussies expect to do less shopping over the next 12 months, that’s the case for just one in five of Gen Z.
Half (51%) Gen Z consumers like to shop directly on social media; 70% like to use technology when they shop.
Three-quarters (73%) of Gen Z are interested in buying real-world items in the metaverse.
Almost half of Gen Z (45%) and millennials (46%) have tried voice shopping in the last 12 months.