When it comes to spending their hard-earned cash, Gen Z and Millennials both know how to stretch a dollar, but they go about it in their own unique ways. While both love a good deal, the reasons behind their purchases (and how they shop) can be pretty different. Let’s break it all down.
Shopping habits
While only a few years apart, Gen Z (born 1997–2012) and Millennials (born 1981–1996) are shaped by different life experiences, and it shows in how they shop. Both are super tech-savvy and budget-conscious, but their goals and habits vary.
Being older, Millennials are generally in established careers with families and home loans to pay off. Gen Z on the other hand may be in their first job out of university or still studying. The different life stages play a big part in spending habits.
What they have in common
Bargain lovers
Whether it’s stacking discount codes, waiting for a mega sale like Black Friday, or cashing in on loyalty points, both generations are pros at shopping smart. Paying full price? That’s a last resort.
Online all the way
Shopping from a phone? Absolutely. Both Gen Z and Millennials are digital-first shoppers who are comfortable buying through apps or websites. And in-store? ‘Tap-and-go’ payments are the norm. Both generations are all about convenience.
Where they differ
Value vs. price
Millennials are all about getting good value. They’re willing to spend a bit more for quality, trusted brands, or sustainable choices. Gen Z? They’re deal-chasers through and through, and often more into what’s trendy and affordable in the moment. But, that doesn’t mean they’re buying everything ‘new new’ – thrifting and crafting are both very popular ways to stretch a tight budget for this generation.
Social media sway
Gen Z is majorly micro-influenced by what’s trending on TikTok or popping off on Instagram. If it’s viral, it’s in their cart. Millennials? Social media does play a part, but they’re far more into solid reviews and old school word of mouth recs from friends and family before they hit “buy”.
Why they shop
Millennials tend to shop with a purpose – think home goods, career needs, or stuff for the kids. Gen Z often shops more on impulse. They’re likely motivated by self-expression and creating memorable shared experiences with friends.
Smart spending
Everyone spends money, it’s just a part of life – but the trick is making your spending work for you. So, how do you do that?
Take advantage of the P&N Bank Savvy Saver account. Linked to your transaction account, your everyday spending can earn you a bonus interest rate. Plus, you can set-up Pay&Save on your P&N Bank transaction account and round-up your purchases saving the difference to your savings account.
Important information
Banking and Credit products issued by Police & Nurses Limited (P&N Bank).
Any advice does not take into account your objectives, financial situation or needs. Read the relevant terms and conditions, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available on our website or upon request.