Impulse buying: Are Gen Z shoppers really buying more than everyone else?

A recent online discussion has sparked debate about whether Gen Z shoppers are more prone to impulse buying than older generations. The debate began after a Reddit user shared a story about witnessing young people spending large sums of money on brand Subdued without hesitation. The user expressed confusion over how young people could afford such expenditures, given their apparent lack of financial resources.

In response to the post, many users shared their own observations of young people's spending habits. Some admitted that they had noticed similar behavior around them, with youngsters blowing their money on concerts, merch, and expensive meals. However, others questioned whether these individuals were truly teenagers or merely appeared to be due to their youthful appearance. Some users also argued that not all young people are living off their parents' money, citing their own financial success as an example.

A survey conducted by specialist bank Vanquis found that Gen Z shoppers make nearly twice as many impulse purchases as the average person. This age group averages 74 impulse purchases per year, compared to 42 for the overall average. Millennials, aged 25-34, came in second with 71 impulse purchases per year. In contrast, shoppers aged 55 and above were found to be the most disciplined, making only 17 impulse purchases annually.

The survey attributed this behavior to social media, with 87% of 16-34-year-olds admitting to making unplanned purchases via social media. The easy access to online trends and the glamourization of overconsumption, such as stockpiling skincare and clothing, were identified as factors that contribute to impulsive spending. Vanquis Head of Brand Tim Schwarz acknowledged that impulse spending is not new but expressed concern over the disproportionate impact on younger generations.

He warned that unplanned and unnecessary purchases can quickly add up, drain budgets, and lead to heavy reliance on credit cards and dangerous levels of debt.