46% of Gen Z spent more on fashion than anything else in 2022 (5WPR) Gen Z was the only generation to have clothing and fashion as their top spending category. 30% of Gen Z spent more on beauty and personal care than anything else, far more than any other generation.
82% of shoppers worldwide aged between 26 and 35 years old have purchased clothes online in the previous 12 months. People aged 36 to 45 are most frequent clothing shoppers with 80% of them making a purchase in the past 12 months.
Gen Z are the more self-consciously stylish generation. They're more likely than Millennials to say they're “more fashionable than most people” (49.1% v. 42.3%) and that they keep up with current trends (45.4% vs. 40.8%).
Read more about this in: Most consumers know cheap fashion isn't sustainable—so why do they keep buying it?. This contrast seems to be greatest among Generation Z, the young people born between 1995 and 2012 and currently between 12 and 29 years old.
Older generations, including Gen X, Boomers, and the Silent Generation, all account for a larger share of global spending compared to their share of the population. Gen X holds the largest share of global spending power at 23.5%.
This has led to Gen Z actually outspending their elder cohort, even with a recent downward trend in purchases. Gen Z leads most categories in purchase power, but millennials have the edge on the number of purchases, as they're more likely to buy multiple products each month. But millennials may soon be spending more.
Not only are Baby Boomers the wealthiest generation, holding 70% of the disposable income in the U.S. and spending over $548 billion a year, but they also they spend more than any other generation, across all categories. This includes spending the most per transaction.
Share of the personal luxury goods market worldwide in 2024, by generation. Millennials were the leading customer groups of personal luxury goods, accounting for 46 percent of all luxury goods spending worldwide.
In 2023, consumers in the United States spent an average of 2,041 U.S. dollars on apparel and apparel services per year. The consumers who spent the most on clothing were the generation born between 1965 and 1980, known as Generation X.
46% of Gen Z spent more on fashion than anything else in 2022 (5WPR) Gen Z was the only generation to have clothing and fashion as their top spending category. 30% of Gen Z spent more on beauty and personal care than anything else, far more than any other generation.
Some believe Gen X will be regarded as the greatest generation of all time - we think it's certainly the coolest. Who is Generation X?
In its latest study, YPulse identified the most coveted luxury brands by Gen Z in Western Europe, with Gucci leading the way, followed by Rolex and Louis Vuitton. The results are based on a survey of 2,500 individuals aged 13 to 39 in Italy, France, Spain, Germany, and the United Kingdom.
Gen Z is bringing back the early 2000s style with a modern twist, and they call it Y2K. Think low-rise jeans, multiple belts, newsie hats, tie-dye tracksuits, neon prints, cargo pants, butterfly clips, and platform sneakers—all coming back from the dead.
Comparing the 148 selected regions regarding the total consumer spending on clothing and footwear , the United States is leading the ranking (558.5 billion U.S. dollars) and is followed by China with 333.4 billion U.S. dollars.
Gucci's popularity is highest among Gen X too, and lowest among Baby Boomers. Loyalty to Gucci products on the other hand is highest among Millennials, while the brand creates the most (social) media buzz among Gen X luxury fashion owners.
This rule is known as the '20-year rule', and what it means is that fashion follows cycles that repeat every 20 years. We go from 'love it' to 'hate it' to 'meh', only to end right back at 'love it'. An essential element of this rule is the feeling of nostalgia that these trends stir.
Blacks and Hispanics spend up to 30% more than whites of comparable income on visible goods like clothing, cars and jewelry, the researchers found. This meant that, compared to white households of similar income, the typical black and Hispanic household spent $2,300 more per year on visible items.
Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.
Health & Wellness: Millennials are heavily invested in their health and wellness. According to a Nielsen survey, 76% of Millennials are willing to spend more on brands that promote wellness, including organic foods, clean beauty products, and fitness gear.
SILENT GENERATION (1954 and Earlier)
The Great Depression and World War II shaped this generation's views of money. Because they largely grew up with little money and needed to stretch their dollar when they could, the Silent Generation is quite frugal and emphasizes the importance of saving.
Hispanic consumers make up 27% of luxury fashion enthusiasts, while Black consumers account for 22%. This diversity is even more pronounced when compared to the general U.S. population, with upscale fashionistas being 72% more likely to be Black, 54% more likely to be Asian, and 37% more likely to be Hispanic.
Original Research Article
Generation Z keep buying fast fashion because their attitude is positively influenced by the availability of sustainable fashion, trend of fashion and negatively by the function of the fashion itself. The study is held in Jakarta Metropolitan.
Is Gen Z the poorest generation? Gen Z has experienced higher poverty rates than millennials, Gen Xers and baby boomers, according to the KIDS COUNT Data Center.
A Generational Breakdown of Overall Spending
Overall in 2021, Gen X (anyone born from 1965 to 1980) spent the most money of any U.S. generation, with an average annual expenditure of $83,357. The second biggest spenders are Millennials with an average annual expenditure of $69,061. Image: Visual Capitalist.