Current Events > Millenials and Gen-Z have a trendy, new 'splurge'. Groceries.

(+) Yeah! (+)

Splurging once meant spending money on buzzy restaurants, expensive vacations, and designer clothing. These days, it has succumbed to a more humble category.
Groceries are shaping up to be a top spending priority for younger generations, according to a February report from McKinsey & Company.
The firm asked over 4,000 people, from baby boomers to Gen Xers, about the categories they intend to splurge on this year. Groceries ranked highest for millennials and Gen Zers, outpacing restaurants, bars, travel, beauty and personal care, apparel, and fitness.
Millennials are also becoming parents for the first time. That means they spend on themselves, their partners, and their children. It's a notable shift from 2018 when older generations like baby boomers and Gen Xers still spent more on groceries than millennials.
Gen Z, meanwhile, says the money they choose to spend on high-quality snacks and beverages makes for expensive grocery bills.
One 23-year-old Gen Zer told Business Insider by text that he spends about $130 for a week and a half on groceries. "Fancy sodas and drinks" and "random snacks at Trader Joe's" account for the bulk of the bill. He also said he spent about $35 on protein bars.
The success of the canned water brand Liquid Death also shows how young people are willing to spend on flashy food and beverages. The brand recently shot up to a valuation of $1.4 billion thanks to a recent round of funding, according to Forbes. Peter Pham, an investor in Liquid Death, previously told Business Insider that part of the brand's success comes from its appeal to younger generations.
"The healthy-food-and-beverage space has historically been a stale category filled with boring brands," Pham told BI. "This creates a lightning-in-a-bottle moment for disruptive brands who know how to tap into culture and talk to Gen Z and digital natives."
No matter their preferences, all generations are feeling the pinch from inflation at grocery stores. Everyone is spending more than they were in previous years. The typical American household now needs to spend $445 more on groceries a month to purchase the same amount of goods they were spending a year ago, according to a report from Moody's.

The typical American household now needs to spend $445 more on groceries a month to purchase the same amount of goods they were spending a year ago, according to a report from Moody's

Bullshit.

"Splurging" to eat and survive. Gotta love it

The rich want us as wage slaves barely surviving while they laugh at us

Gen Z, meanwhile, says the money they choose to spend on high-quality snacks and beverages makes for expensive grocery bills.

I was splurging on groceries before it was cool...because I want to be healthy and you know...survive as well? Splurge is a stupid word to use here because it's not like grocery is a luxury unless you live in a food desert.

I don't mean to brag, folks, but I decided to buy a can of vegetables from the Jolly Green Giant brand instead of store brand.

That's enough splurging on name brand items for the month, though.

Some grocery items absolutely are luxury items.

True, but are most of us spending on those luxury items? I know I'm not unless it's for a special occasion.

But the article specifically says that the people they questioned as are buying high priced snacks and beverages, which is cause the increase in their bills.

This message has been brought to you by the same people who created the avocado toast talking point.

Fair enough, I should've just read the article myself before posting lol.

In this plot, meat is about 33% more at the worst case for boneless chicken breasts.

https://gamefaqs.gamespot.com/a/forum/8/874f96f0.jpg

Egg is probably the worst at almost doubling, but that's due to both inflation and bird flu issues.
https://gamefaqs.gamespot.com/a/forum/5/5e91b161.jpg

Millennials are also becoming parents for the first time. That means they spend on themselves, their partners, and their children. It's a notable shift from 2018 when older generations like baby boomers and Gen Xers still spent more on groceries than millennials.
Gen Z, meanwhile, says the money they choose to spend on high-quality snacks and beverages makes for expensive grocery bills.
One 23-year-old Gen Zer told Business Insider by text that he spends about $130 for a week and a half on groceries. "Fancy sodas and drinks" and "random snacks at Trader Joe's" account for the bulk of the bill. He also said he spent about $35 on protein bars.

chicken is also the least expensive meat

I don't know why Liquid Death is being included. Isn't it just selling at concerts and other venues where it's often the only option for water?

Aren't you supposed to be the economics guy? Why are you calling bullshit on economic reports you don't like? Where's your hard data?

Correction: April 8, 2024 An earlier version of this story misstated the age groups surveyed in the McKinsey report. It surveyed baby boomers to Gen Zers, not baby boomers to Gen Xers. The story also misstated the findings in the Moody's report, which said the typical American household would need to spend $445 more a month this year on goods and services, not just groceries.

"Splurging" to eat and survive. Gotta love it

I think it says more that they are seeing these price differences and still choosing to buy the higher priced items.

I don't know why Liquid Death is being included. Isn't it just selling at concerts and other venues where it's often the only option for water?

"Splurging" to eat and survive. Gotta love it

"I plan to splurge on myself every now and then. Some of the things Im most excited to buy are new makeup, new clothes heading into the new season, and even being able to travel to try new foods. I definitely think its important to have a healthy balance, and splurging helps to enjoy life a lot more."

Female, Gen Z, Arizona

Consumers expressed a desire to splurge, and more than a third of respondents in our survey said they expected to splurge on food. But consumers ideas about what to splurge on have evolved: rather than splurging on dining out, consumers said they intended to splurge on food at home more than they did at the end of 2023. This change was most evident among Gen Zers and millennials.

Travel also became a more popular splurge category in February, moving ahead of apparel and beauty, which it trailed in the last quarter of 2023. More baby boomers said they planned to splurge on travel in the next three months than any other age group.

"Ive gotten really into cooking and like to splurge on cheeses at the grocery store. We definitely cook a lot more than eating out and like to go to specialty grocery stores to buy different ingredients for cooking at home."

Female, Gen X, New York

As inflation figures continue to fluctuate, will consumers continue to gain confidence in the economy and, therefore, continue to express an interest in splurging? Or will higher-for-longer interest rates slow spending? Watch this space for regular updates on the state of the US consumer. Check out our ConsumerWise page, and contact us for data from previous updates or additional insights.

"Splurging" to eat and survive. Gotta love it

Apparently not. I just saw it in my weekly sales ad for the first time the other day. Never heard of it before that.
[image of grocery flyer]

The rich want us as wage slaves barely surviving while they laugh at us

Egg is probably the worst at almost doubling, but that's due to both inflation and bird flu issues.

What I don't get is

If nobody can afford restaurants, how is this in the favor of the rich fat cats who own the restaurants?

"Millennials are also becoming parents for the first time"

uhh, you mean gen z? almost all millennials are 30+ if not 40 and the oldest gen z are 27 already