As Geoff Harris puts it, “Young people are prioritizing their bank accounts over their closets.” hashtag#NoBuyPledge Thanks for including me in the segment!

Gen Z's latest trends catching fire include the “No-Buy Pledge” and even the “No New Clothes Group.” The idea is that people pledge to stop buying non-essential items for an extended period of time. Why, you may ask?

Young people want to save money at exceedingly high rates! 63% of Gen Z (+23 vs. total) said they included “save money” in their New Year’s Resolutions.

And young people are increasingly favoring experiences over material items! It all goes back to creating lasting moments and memories of joy. There are still significant gaps in economic attitudes between Gen Z and the total population.

From my April data:
% Agree/Strongly Agree
56% Gen Z (+9 vs. total) “I’m craving more in-person, social connection time with friends and family”
41% Gen Z (+8 vs. total) “I’m going out less because it's expensive, but splurging more when I do go out”
41% Gen Z (+8 vs. total) “I don’t think that I will ever be able to retire”
21% Gen Z (+7 vs. total)  “I am worried that I might lose my job”

Will retailers start to feel the impact?

#ReThinkRetail