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Gen Z hasn’t had an easy few years - they’ve experienced wars, climate change, and pandemics. For better or for worse, they’ve grown up with social media at their fingertips. And now, to top it all off, they’re navigating early adulthood as the cost-of-living soars.
How is the cost-of-living impacting students?
In 2023, we saw young people struggling to pay for necessities, let alone luxuries. Students were wary of their outgoings and many were concerned about the impact this financial uncertainty may have on their credit ratings, education, long-term careers, and the housing market.
- 97% of students feel like they’re struggling more with inflation than people think
- 45% look for student discounts every single time they make a purchase
- 41% plan to reduce their utilities to keep bills low
- 25% are having to ask friends or family for financial support
But what about now, in 2024? How are their attitudes impacting Gen Z’s spending habits? And how does this affect the world of youth marketing?
Gen Z and the cost-of-living: How is financial uncertainty impacting students’ purchasing power?
In this report, we take a deep dive into the data, exploring student spending habits across five key sectors: travel, food and drink, health and beauty, tech, and fashion.
We also look at how brands can continue to tap into the student market, despite the cost-of-living crisis.