Gen Z and millennials have a unique outlook when it comes to inflation.
They’re sick of hearing about it, judging by Consumer + Business Inflation Outlook Report, a study by Scorpion.
Of the younger cohorts polled, 42% are “often” concerned about inflation, versus 55% of Gen Xers and Baby Boomers.
And 23% of Gen Zers and Millennials are tired of hearing about the subject, compared to 12% of Gen Xers and Boomers.
Younger shoppers in particular appreciate useful content, and 31% appreciate when brands take the time to stay in touch (e.g., with calls, mailers, emails), compared to 29% of Gen Xers and Boomers.
Meanwhile, 34% of Gen X and Boomers will spend more time evaluating different providers, compared to 275 of Gen Zers and Millennials. And 57% of the older group will look around for deals and promotions, compared to 41% of younger consumers.
Moreover, 49% will look for ways to “do it myself,” versus 44% of Gen Zers and Millennials.
And trust? The biggest confidence builder is to “explain what is being done to keep my cost low” (52% of Gen Xers and Boomers, compared to 35% of Gen Zers and Millennials).
Forty-six percent of the more senior groups like brands to “break down pricing so I see what I am paying for,” compared to 36% of the younger groups.
In addition, 43% of Gen Xers and Boomers appreciate the willingness to extend pricing terms compared to 34% of the more junior groups. And 44% of Gen Xers and Boomers appreciate excellent service, they say, "even though I could not afford it at the time."
Here are the factors affecting purchase decisions:
And here the inflationary impacts by generation:
Scorpion surveyed 1,000 consumers. Of those, Gen Zers and Millennials are nearly 3x more likely to trust social media than Gen Xers and Boomers. The latter are 50% more likely to turn to TV for inflation and economic news.