Who Spends Smarter? Gen Z and Millennial Money Habits Compared

Who spends more, Gen Z or Millennials? If you’ve ever wondered this question, you’re not alone. These two generations are rewriting the rules of money, one purchase at a time.

The true answer is revealed in these Gen Z vs millennials spending statistics, and it is not dependent on who has the highest spending power or the most money. 

Together, Gen Z and Millennials represent over half of the global population and control trillions of dollars in purchasing power.

However, they’re not spending the same way. One generation grew up with smartphones in hand and climate anxiety in their hearts. The other weathered the 2008 financial crisis, pioneered side hustles, and now faces rising mortgages and childcare costs. 

Their values, priorities, and financial realities shape how and why they spend.

In this in-depth report, we’ll examine the actual numbers behind Gen Z and millennials’ spending habits, savings goals, tech preferences, and brand loyalties. This side-by-side comparison will reveal who’s driving the future of consumer spending… and how to keep up.

Key Statistics On Gen Z Vs Millennials Spending

• 48% of Gen Z and 46% of millennials don’t feel financially secure, and over half of both generations live paycheck to paycheck.
• Over 90% of Gen Z consumers worry about their financial situations.
• Gen Z believes they need to earn around $587,797 annually and have a net worth of $9.47 million to achieve financial success.
• Reducing expenses is the preferred strategy for avoiding paycheck-to-paycheck living among 78% of Gen Z and 52% of Millennials.
• Just 6.2% of millennial households across the U.S. earn $200,000 or more.
• Gen Z spends nearly twice as much as they have in savings, with a spending-to-savings ratio of 1.93.
• Gen Z (52%) and Millennials (47%) are more likely to splurge on experiences while traveling, compared to Baby Boomers (29%).
• Gen Z prioritizes spending on experiences, like dining out, shopping, and entertainment.
• Gen Z’s global spending is projected to surge from $2.7 trillion in 2024 to $12.6 trillion by 2030.
• 34% of Spanish Gen Zers and millennials typically spend between €50 to €100 on individual fashion items.
• Gen Z currently accounts for less than 20% of total US consumer spending.
• Gen Z’s net worth rose by 21.92%, growing from $71,312 to $86,945. Millennials saw a 12.74% increase, with their net worth rising from $295,456 to $333,096.
• About 1 in 5 members of Gen Z and Millennials (19%) believe that pretending to be successful (“faking it until you make it”) is a key to actually achieving success.
• 73% of Gen Zers are in debt, with 13% owing over £10,000.
• 30% of Gen Z and 27% of millennials admitted to overspending with BNPL. 
• Almost half of millennials (46%) say that reaching financial independence or stability is a key life goal.
• Gen Z has the lowest savings across all generations, with nearly 69% holding less than $2,000.
• Gen Z carries the highest average personal debt, totaling $94,101, which surpasses the debt of millennials ($59,181) and Gen X ($53,255).
• Gen Z shoppers (18-27 years old) prefer debit cards (40%) for online purchases, followed by credit cards (29%).
• The top social media sources for Gen Z’s financial information are YouTube (33%), TikTok (23%), Instagram (19%), Facebook (15%), and X (5%).
• In 2025, millennials will account for 1/3 of global social media shopping spend, followed by Gen Z shoppers at 29%.

Who Are Gen Z and Millennials? A Quick Generational Snapshot

Before we get right into their earning and spending statistics and realities, let’s get clear on who Gen Z and Millennials actually are. This is an important foundation to lay because while they’re often lumped together as “young people,” their experiences and worldviews are surprisingly different.

Millennials (Born 1981–1996)

Millennials are now in their late 20s to early 40s. Many of them came of age during the rise of the internet, the era of dial-up modems, and the early days of social media. They witnessed the global financial crisis of 2008, entered a shaky job market, and are now navigating adulthood and parenthood in a world of rising rent, mortgages, childcare costs, and economic uncertainty.

They’re the generation that helped popularize side hustles, value convenience and flexibility, and were the first to truly embrace online shopping, streaming services, and the “experience economy.”

Many Millennials are now homeowners, parents, and managers. This generation is making big life decisions while still battling student loans and inflation.

Gen Z (Born 1997–2012)

Gen Z, on the other hand, are digital natives through and through. Born into a world of smartphones, social media, and instant access to information, they’re currently in their teens to mid-20s. Some are still in school, while others are just entering the workforce.

Unlike Millennials, Gen Z grew up watching influencers instead of traditional cable TV, buying most things online, and caring deeply about issues such as climate change, identity, diversity, and mental health. They’re value-driven, ultra-online, and not afraid to call out brands that don’t walk the talk.

Many Gen Zers are still figuring out their financial footing, but they’re already shaping global trends through their online presence and viral tastes.

Understanding where each generation is coming from helps explain why they spend the way they do. Millennials are focused on stability, value, and efficiency. Gen Z is focused on self-expression, ethics, and innovation.

Now you know the differences, let’s now dive right into the statistics.

Income Levels and Financial Realities of Gen Z and Millennials

1. 48% of Gen Z and 46% of millennials don’t feel financially secure, and over half of both generations live paycheck to paycheck. (source)

2. 52% of both Gen Z and millennials live paycheck to paycheck, and 37% of Gen Z and 35% of millennials struggle to pay living expenses each month. (source) 

3. Nearly one-third of financially secure Gen Zs (30%) and millennials (31%) still say that the cost of living is a top concern. (source) 

4. Gen Z (80%) is more optimistic about their financial future, while the Silent Generation and Baby Boomers are less optimistic, with less than half sharing the same sentiment. (source)

5. Over 90% of Gen Z consumers worry about their financial situations, and 40% take action to cope with inflation. (source)

6. Millennials account for 46% of global luxury goods spending and have the second-highest disposable income in the US. (source)

7. The average 25-year-old Gen Zer has a household income of over $40,000, surpassing Millennials’ income at the same age and exceeding Baby Boomers’ income by 50%+. (source)

8. Up to 50% of Gen Z currently has a job, and they’re about to surpass Baby Boomers as the largest full-time workforce group. By 2030, Gen Z will comprise 30% of the global workforce. (source)

9. Half of US Gen Z consumers said they couldn’t sustain their lifestyle beyond a month due to insufficient savings, yet they still prioritize spending. (source)

10. A majority of young UK adults felt confident managing their finances, with 43% reporting confidence and 17% very high confidence, while 31% were somewhat confident and 9% lacked confidence. (source)

11. In the US, the average annual expenditure for Millennial-led households is around $81,589. This is lower than Gen X-led households, which spend approximately $95,692 per year. (source)

12. On average, Gen Z believes they need to earn around $587,797 annually and have a net worth of $9.47 million to achieve financial success. (source)

13. 71% of Gen Z respondents are optimistic about achieving financial success in their lifetime, slightly surpassing Millennials’ optimism rate of 70%. (source)

14. Gen Zers are struggling with debt, with nearly 10% more of them falling 60+ days behind on auto and credit card loans compared to Millennials at the same age a decade ago. (source)

15. Reducing expenses is the preferred strategy for avoiding paycheck-to-paycheck living among 78% of Gen Z and 52% of Millennials. (source)

16. Among homebuyers, Gen Z had the highest percentage of single female buyers at 31%, while Younger Millennials led in unmarried couple purchases at 19%. Overall, 30% of buyers had children under 18, with 65% of Older Millennials having at least one child at home. (source)

17. Just 6.2% of millennial households across the U.S. earn $200,000 or more. (source)

18. The top 5 U.S states with the highest percentage of high-earning millennial households are:

1. Washington – 11.5%; avg. income: $459,701
2. Massachusetts – 10.4%; avg. income: $479,226
3. New Jersey – 9.87%; avg. income: $439,477
4. California – 9.41%; avg. income: $557,054
5. Connecticut – 8.03%; avg. income: $548,007

These states have the highest concentration of affluent millennials, largely due to thriving tech, finance, and professional sectors. (source)

19. Among Gen Z, 65% say high monthly living expenses are the main reason they live paycheck to paycheck. For Millennials, 57% point to poor budgeting and financial planning as the top cause, followed by high monthly bills, cited by around 50%. (source)

20. 90% of millennials say they face obstacles that prevent them from reaching their financial goals. The most common issues include not having enough money to cover expenses, save, or pay off debt. Nearly 47% cite excessive expenses as a major barrier, while 36% have little to no savings, 34% carry substantial debt, and 32% say their income isn’t enough to meet basic living costs. (source)

21. Almost half of Gen Zers (46%) rely on financial help from family, and 52% say they don’t earn enough to live the life they want, citing the cost of living as a major obstacle. As a result, many are delaying milestones like buying a home (50%), saving for retirement (46%), and investing (40%) within the next five years. (source)

22.  Gen Z often relies on others financially, with 54% not paying for their own housing. Among those who do, 64% spend over 30% of their income on housing, and 20% spend over 51%. (source)

23. Gen Z’s spending on both essential and discretionary items has outpaced the general population. Although they have some savings as a buffer, Gen Z’s spending far exceeds their savings, with expenditures nearly doubling their bank deposits, likely due to the strain of high living costs. (source)

24. Financial stress is a common concern for Gen Z, with one-third worrying about money daily and 61.3% worrying at least weekly. In contrast, only 3.7% never worry about money, and 8.3% worry only a few times a year. (source)

25. Gen Z in Australia is more financially stressed than non-Gen Z Australians, with 82% citing the rising cost of living as a major concern, compared to 70% of non-Gen Z. Additionally, 68% of Gen Z consider their finances a major cause of concern, versus 57% of non-Gen Z. (source)

26. The average savings for Gen Z is approximately $2,410.57, significantly lower than Millennials’ average savings of $23,000 and Baby Boomers’ average savings of $156,000. (source)

27. Gen Z spends nearly twice as much as they have in savings, with a spending-to-savings ratio of 1.93. (source)

28. In the UK, nearly 30% of Gen Z bank account holders worry about their financial future. Meanwhile, a slightly higher percentage feel informed about their finances, and only 17% are interested in learning about new financial topics like crypto or NFTs. (source)

29. In 2024, young UK adults showed varying levels of confidence in managing their finances. A total of 60% felt either confident (43%) or very confident (17%), while 31% were somewhat confident, and 9% lacked confidence. (source) 

30. About half of Gen Zers run out of money each month, and fewer than one in four consider themselves financially stable. (source)

31. A significant portion of Gen Zers struggle financially, with 25% unable to afford essentials like rent, food, and bills for over a week. Many also report depleted funds by month’s end, with 29% having nothing left and 34% having less than $100. To cope, 20% of respondents work multiple jobs. (source)

Key Gen Z and Millennials Spending Categories

32. As of August 2024, Gen Z spent an average of $97.70/month on media, while the overall average across generations was $66.60. (source)

33. A 2024 survey found that food accounted for nearly 70% of Gen Z’s monthly expenditures in Indonesia, followed by beauty products at around 14%. (source)

34. Gen Z consumers in the US and UK prioritize spending on groceries, followed by clothes and car payments, excluding rent/mortgage and household bills. (source)

35. Gen Z’s average monthly spending on concerts ($38) and festivals ($23) exceeded the overall average spending across all generations ($31 for concerts, $13 for festivals). (source)

36. US millennials spent an average of $66 per month on pet food, slightly outspending Gen Z. (source)

37. Gen Z (52%) and Millennials (47%) are more likely to splurge on experiences while traveling, compared to Baby Boomers (29%). (source)

38. Nearly 1 in 3 Gen Zers don’t watch traditional TV, and 72.9% spend over an hour daily on paid streaming services like Netflix. (source)

39. In the UK, Gen Z and millennials were expected to spend the most on Halloween 2024, with both generations projected to spend over £40 per person. (source)

40. A global survey found that 13% of Gen Z and millennials are most interested in attending sports stadiums and events while traveling, while 8% want to visit famous filming locations. (source) 

41. US households of Baby Boomers and the Silent Generation allocate 8.1% of their spending to groceries, whereas Gen Zers spend a significantly lower 6.7% on food at home. (source)

42. About 25% of US adults prefer using social media for online searches. Gen Zers are particularly inclined towards this method, with around 46% opting for social platforms over traditional search engines. (source) 

43. Two-thirds of US millennials prefer buying children’s products online, while just over 10% prefer shopping in physical stores. (source)

44. In the US, over 40% of Gen Z consumers prefer doing their grocery shopping both online and offline. In contrast, millennials tend to lean towards mostly online grocery shopping. (source)

45. Gen Z’s biggest expense is household bills and expenses, with 52.3% allocating most of their budget to these costs. Additionally, 17.2% of Gen Zers are pessimistic about their ability to afford a home, believing they’ll never have enough money for a down payment. (source)

46. Gen Z spends an average of $157.07/month ($1,884.84/year) on entertainment, including streaming, music, and gaming. Most (61.3%) spend between $1 to $110, while a small percentage (0.8%) spend over $1,000/month. (source) 

47. Gen Z prioritizes experiential spending, allocating leftover income to dining out (36%), shopping (30%), and entertainment (24%) at higher rates than other generations. (source)

48. To reach their financial goals, many millennials are cutting back on spending—most commonly on dining out or takeout (63%). Other major cutbacks include entertainment (49%), clothing (45%), self-care (45%), travel (41%), groceries (35%), streaming services (34%), and tech upgrades (33%). (source)

49. More than half of Gen Z use fitness or exercise apps, and 17% use fitness bands to track their health and fitness. (source)

Spending Habits: Frugal, Flashy, or Value-driven

50. 54% of Gen Z and younger millennial buyers said that they had increased their spending on luxury watches over the previous 24 months, citing the increased ease of buying and selling, as well as more investment opportunities, as their top reasons. (source)

51. A survey of Gen Z in Indonesia revealed that 66% of respondents spent less than 500,000 IDR (~ $33 USD) on monthly online purchases. Additionally, only 2% of respondents spent over 2,000,000 IDR (~ $133 USD) on online shopping per month. (source)

52. 64% of Gen Z and millennial consumers planned to shop on Black Friday in 2024, but Gen Z participated more in other shopping events like Amazon Prime Day and Small Business Saturday. (source)

53. Gen Z’s global spending is projected to surge from $2.7 trillion in 2024 to $12.6 trillion by 2030, driven by entertainment and travel. However, they’re spending almost twice as much as they’re saving, indicating growing financial strain. (source)

54. Gen Z’s spending power is expected to grow rapidly, with a 4.02% compound annual growth rate (CAGR) over the next decade, doubling the growth rate of previous generations. (source)

55. Only 10% of Gen Zers are from North America or Europe, and Western countries account for just 44% of their total spending, marking a historic shift. (source)

56. In Australia, Gen X has the highest average monthly online spend ($1,420), while Gen Z has the lowest ($892). (source)

57. 34% of Spanish Gen Zers and millennials typically spend between 50 to 100 euros on individual fashion items, making this the most popular price range across all surveyed European countries. (source)

58. About one-third of Gen Zers in the UK, France, Spain, Italy, and Germany would pay up to 10% more for sustainable products, while around 25% wouldn’t pay a premium. (source)

59. Over 25% of Gen Z and Millennial shoppers avoid second-hand shopping because they don’t like wearing clothes worn by others. Another 9% say it’s because there are no physical second-hand stores in their area. (source)

60. About two-thirds of Gen Z are making lifestyle adjustments, such as reducing dining out and social events, due to economic concerns. However, the short-term economic impact is expected to be minimal, as Gen Z currently accounts for less than 20% of total US consumer spending. (source)

61. A majority of Gen Zers, 63%, don’t feel pressured by friends to overspend, suggesting they’re setting clearer financial boundaries than previous generations at the same age. (source)

62. Gen Z prioritizes financial stability, with 46% choosing long-term financial stability over romantic love, surpassing millennials at 41%. (source)

63. Millennials are the most likely generation to prioritize love over wealth, with 59% preferring a “broke but magical” relationship over financial stability—more than Gen Z (54%), baby boomers (48%), and Gen X (46%). (source)

64. In 2024, the combined wealth of Gen Z and Millennials grew by 17.33%, significantly outpacing the 4.62% growth seen among Gen X and Baby Boomers. (source)

65. In 2024, Gen Z’s net worth rose by 21.92%, growing from $71,312 to $86,945. Millennials saw a 12.74% increase, with their net worth rising from $295,456 to $333,096. (source)

66. Gen Zers tend to distrust traditional financial institutions, with only 28% seeking advice from professionals. Instead, they turn to family, friends, and social media influencers for financial guidance. (source)

67. About 1 in 5 members of Gen Z and Millennials (19%) believe that pretending to be successful (“faking it until you make it”) is a key to actually achieving success. (source)

Debt, Saving, and Investing: How Financially Prepared Are They?

68. A survey across 14 countries found that only 3 in 10 Millennials use cryptocurrency for transactions, mainly to buy other crypto. In countries like Canada and the US, crypto owners prioritize investments over transactions. (source)

69. Most Gen Zers want banking apps to offer financial transparency, cost-of-living support, tailored goal-achieving support, and spending management tools. (source) 

70. Most young UK adults (18-24) prefer sticking with familiar financial brands, with 43% slightly agreeing and 25% strongly agreeing, while only 7% disagreed. (source)

71. In the UK, 73% of Gen Zers are in debt, with 13% owing over £10,000. Meanwhile, 58% can only save 20% or less of their monthly income, and 41% can’t save anything. (source)

72. Gen Z buy now, pay later (BNPL) users in the US are more likely to miss payments. 30% of Gen Z and 27% of millennials admitted to overspending with BNPL, while 14% of Gen X users missed payments. (source)

73. Among Gen Z and millennial investors in 2024, stocks were the most popular investment choice, with 55% of millennials preferring stocks. Retirement investment accounts, such as 401(k) and IRA, ranked second in popularity among millennials, while REITs received the lowest level of engagement from both groups. (source)

74. In the UK, Gen Z had the highest number of participants in the investment market, while the Silent Generation came in second, with over 65% having invested in financial securities. (source)

75. In Q2 2025, survey insights found that about one-third of Gen Z bank account holders in the US worried about their financial future, while around 29% felt well-informed about their financial situation. Additionally, there was relatively low interest in new financial topics, like crypto and NFTs. (source)

76. Gen Z struggles with saving and retirement planning. Over half (57%) lack enough emergency savings, 30% feel they don’t earn enough to save, and only 15% set aside a fixed percentage of their income each month. Only one in five contributes to a retirement account or 401(k) plan. (source)

77. 58% of millennials feel optimistic about their finances, while 27% are neutral and 16% feel pessimistic. Men are notably more confident, with 67% reporting a positive outlook, compared to just 50% of millennial women. (source)

78. Younger millennials are more financially optimistic, with 63% expressing a positive outlook, compared to 53% of older millennials. (source)

79. Almost half of millennials (46%) say that reaching financial independence or stability is a key life goal. (source)

80. Nearly 60% of millennials consider financial independence or stability a top priority. Specifically, 57% prioritize having a savings or emergency fund, while 50% value being financially self-sufficient and keeping debt low. (source)

81. Gen Z has the lowest savings across all generations, with nearly 69% holding less than $2,000. (source)

82. Younger generations are more open to going into debt for travel: 30% of Gen Z and 35% of Millennials, compared to 23% of Gen X and 22% of Baby Boomers. (source)  

83. Younger generations are more willing to go into debt for experiences like dining out and live entertainment.

For dining out, 22% of Gen Z and 23% of Millennials are willing to take on debt, compared to 9% of Gen X and 8% of Baby Boomers.

For live entertainment, 22% of Gen Z and 23% of Millennials are willing to take on debt, compared to 7% of Gen X and 4% of Baby Boomers. (source) 

84. Credit card debt was the most common type of debt among Gen Z adults in the UK in 2024, affecting almost half of them. Other types of debt, such as BNPL debt (18%), personal payday loans (10%), and student debt (9%), were less common. (source) 

85. Gen Z carries the highest average personal debt, totaling $94,101, which surpasses the debt of millennials ($59,181) and Gen X ($53,255). (source)

86. Gen Z’s average savings amount stands at $2,410.57. In comparison, Millennials have a median savings amount of $3,500, excluding retirement accounts like 401(k) plans. (source)

Digital Spending: How Tech Shapes Their Shopping Behavior

87. Gen Z shoppers (18-27 years old) prefer debit cards (40%) for online purchases, followed by credit cards (29%). (source)

88. In 2024, Australia’s total online spending reached almost $69 billion AUD. Millennials spent the most ($25 billion), followed by Gen X, while the Silent Generation spent the least. (source)

89. Gen Z is leading the shift to mobile payments and buy now, pay later (BNPL) services, with 85.1% using phones for purchases and 54% using BNPL over the holidays. (source)

90. Gen Z’s use of buy now, pay later (BNPL) services is increasing, with Gen Zers expected to make up 30.2% of US BNPL users by 2025. (source)

91. Gen Z prefers on-demand streaming services, with 82% willing to pay for platforms like Netflix, Hulu, and Disney+, and 67.6% willing to pay for streaming music services. (source)

92. Gen Z uses social media as a shopping platform, with 53% having used “buy” buttons. Online reviews from fellow shoppers are their top consideration when making purchases. (source)

93. Millennials are embracing online shopping, with varying preferences across countries.

94. Despite starting their shopping journey online and being influenced by social media, Gen Z spends a significant portion of their dollars in-store, with nearly 50% going to brick-and-mortar mass merch and grocery purchases, making them the ultimate “omni-channel” shoppers. (source)

95. In Spain, over half of Gen Z and Millennial shoppers have used AI as part of their shopping process, compared to much lower rates in Italy and Germany. (source)

96. Gen Z in Australia relies heavily on social media for financial information, with 56% using platforms like YouTube, TikTok, and Instagram for guidance, compared to 23% of non-Gen Z. The top social media sources for Gen Z’s financial information are YouTube (33%), TikTok (23%), Instagram (19%), Facebook (15%), and X (5%). (source)

97. 49% of Gen Z buyers in South Korea preferred express delivery, compared to 29% in the US and 26% in Germany. (source)

Social Media Influence on Purchase Decisions

98. A 2024 survey found that over half of Gen Z consumers made purchases on social media platforms, while almost a third of all consumers did the same. (source)

99. 40%+ of Gen Z consumers and 38% of Millennials used social media for customer service, while 1 in 5 Baby Boomers participated in live shopping events on social media. (source)

100. In 2025, millennials will account for 1/3 of global social media shopping spend, followed by Gen Z shoppers at 29%. (source)

101. Health and beauty is the top category for Gen Z on social media, with 81% of TikTok’s dollar sales expected to come from this category. (source)

102. Around 43% of US adults made a purchase after seeing a social media ad or watching a TV commercial. However, age groups varied: 62% of Gen Zers bought something after seeing a social ad, while 47% of Gen Xers made a purchase after watching a TV commercial. (source)

Brand Loyalty vs. Brand Values: What Wins Their Wallet?

103. Up to 60% of European Millennials and Gen Z prioritize transparent product descriptions when choosing a favorite website, while nearly 40% consider free delivery a key factor. (source)

104. 52% of Gen Z consumers prioritize healthy nutrients and ingredients. Additionally, 42% prefer natural ingredients, and 40% seek eco-friendly and sustainable products. (source) 

105. 25% of Gen Z consumers consider animal-friendly manufacturing when making purchasing decisions. (source)

106. Sustainability plays a significant role in purchasing decisions for both Millennials and Gen Z. 80% of Millennials consider sustainability a key factor, while 66% of Gen Zers share this view. (source)

Reactions to Economic Shocks: Pandemic, Inflation, and Recession

107. A significant gap exists between Gen Z men and women, with 61% of women citing the high cost of living as a barrier to financial success, compared to 44% of men. (source)

108. Nearly half (42%) of young adults in Gen Z (18+) reside with their parents, largely due to financial strain from increasing housing costs, inflation, and student loan debt. (source)

109. Gen Z (80%) and Millennials (79%) report high levels of financial insecurity, though slightly less than Gen X, which leads at 84%. Baby Boomers follow with 69% expressing similar concerns. (source)

110. Gen Zers are paying 31% more for housing, adjusted for inflation, compared to what their peers paid a decade ago at the same age. (source)

Future Spending Trends: What’s Next for Gen Z and Millennials?

111. In 2024, Gen Z made up nearly 25% of the global population and accounted for 17% of global consumer spending. By 2030, their spending is expected to increase to 19%. (source)

112. In 2024, Millennials accounted for 22.5% of global spending, while Gen Z is projected to reach 18.7% by 2030. (source)

113. Gen Z’s spending will surge from $9.8 trillion to $12.6 trillion by 2030 and add nearly $9 trillion by 2034, exceeding any other generation. (source)

114. In 2024, most Gen Z consumers in the US spent more on gardening than in 2023. For 2025, over 40% planned to spend the same, while more than 46% expected to spend more. (source)

115. Gen Z in Australia is eager to improve their financial literacy, with 90% wanting to gain confidence in managing their finances, surpassing non-Gen Z (72%). They’re also proactive, with 39% learning about finance at least weekly, compared to 23% of non-Gen Z. Additionally, 44% of Gen Z research wealth growth strategies weekly, outpacing non-Gen Z (24%). (source)

116. Gen Z’s consumption patterns are expected to significantly impact the global economy over the next decade, driven by substantial wealth and spending power. By around 2028, they’re projected to have amassed $36 trillion in income globally, with that figure expected to more than double to $74 trillion by 2040. (source)

117. Gen Z’s expectations for a partner’s salary are lower, at $80,000, compared to millennials ($100,000), Gen X ($115,000), and baby boomers ($115,000). (source)

118. When it comes to their ideal partner’s income, Gen X and baby boomers expect the highest average salary at $115,000, followed by millennials at $100,000, and Gen Z at $80,000. (source)

Final Thoughts on Gen Z vs Millennials Spending Statistics

So, who’s really driving the economy: Gen Z or Millennials?

The answer isn’t black and white. Millennials may hold more financial power today, with higher incomes, bigger purchases, and established lifestyles. But Gen Z is rapidly reshaping the marketplace with bold preferences, digital-first behaviors, and a demand for value, transparency, and purpose.

Together, these two generations are rewriting the consumer playbook. Asides from products, they are buying experiences, ethics, and identity. They research before spending. They shop with intention. They challenge legacy brands and uplift the ones that reflect their values.

For brands, marketers, and policymakers, the takeaway is clear: If you want to stay relevant in the next decade, you must understand both how Gen Z and Millennials spend (and why they spend the way they do).