A Comparative Study of Spending Behaviour of Millennials and Gen Z

Abstract

Millennials and Gen Z are the two most recent generations to enter the workforce and the two most indebted generations in history. This study will compare the spending behavior of millennials and Gen Z to determine how they differ and why. As well as it will also find that millennials are more likely to spend money on experiences, while Gen Z is more likely to spend money on material goods. Millennials are also more likely to save money, while Gen Z is more likely to live paycheck to paycheck. The study will conclude that the spending behavior of millennials and Gen Z is shaped by a variety of factors, including their age, income, and life stage. It will conduct a comprehensive comparative analysis of the spending behaviour of two significant demographic cohorts, Millennials and Generation Z, in order to gain insights into their distinct financial habits, preferences, and attitudes towards consumption. As these two generations are pivotal drivers of the contemporary economy, understanding their spending patterns can provide valuable information for businesses, marketers, and policymakers. The study employs a mixed-methods approach, combining quantitative surveys and qualitative observations to gather data on the spending habits of Millennials (born between 1981 and 1996) and Generation Z (born between 1997 and early 2010s). This research would explore various dimensions of their spending behaviour.