More than half — or 53% — of Gen Zers cite rising food prices as their top financial concern, according to a new report by consumer intelligence firm NielsenIQ on the consumer behaviours, values, and purchasing habits of Gen Z.
Titled Spend Z: A Global Report, the report surveys the largest generation globally — Gen Z which are projected to have their spending power hit US$12 trillion ($16.17 trillion) by 2030. In Singapore, 99 participants made up the Gen Z population that was surveyed, and participants were born between the years 1997 and 2012.
About 20% of Gen Zs surveyed worry about increasing utility bills and job security, while 32% are worried about rising food prices. More than 20% are concerned with economic downturns.
Meanwhile, close to one in four in Singapore struggle with eating or drinking healthily, the highest proportion among all generations surveyed.
The report also finds that almost 70% of Gen Zs in Singapore seek out authentic peer reviews and genuine recommendations before making a purchase, about half say they only buy items they know they will use so as to reduce waste, signalling a clear shift toward mindful and cost-conscious spending.
On managing expenses, the report finds that Gen Zs in Singapore are becoming increasingly strategic in managing their expenses, with 25% opting for more affordable alternatives.
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Close to three in four local Gen Zers browse multiple stores and online platforms to find the best prices and deals, but about 75% prefer to shop at physical stores that offer the lowest prices.
