Groceries Now Becoming Gen Z's Top Spending Priority! Beating Other Splurging Categories

By Giuliano De Leon

Apr 08, 2024 10:20 AM EDT

Groceries are now becoming the top spending priority among Gen Zs and millennials. McKinsey & Company, a global management consulting firm, revealed this in its latest report.

A shopper makes their way through a grocery store on July 12, 2023 in Miami, Florida. The U.S. consumer price index report showed that inflation fell to its lowest annual rate in more than two years during June.
(Photo : Joe Raedle/Getty Images)

In McKinsey & Company's new survey, more than 4,000 people from different generations were asked about what category they plan to splurge in 2024. Here's what they said.

Groceries Now Becoming Gen Z's Top Spending Priority!

According to Business Insider's latest report, McKinsey & Company's new report revealed that Gen Zs plan to splurge on groceries in 2024.

This means that they will spend more on groceries compared to other usual splurge categories, such as fitness, restaurants, apparel, personal care and beauty, travel, etc.

This is also the case for millennials since many of them are becoming parents for the first time, meaning that they would spend on the basic needs of their children, partners, and themselves.

There's also a reason why groceries are becoming Gen Z's top spending priority. Some of them said they choose to purchase high-quality snacks and beverages, increasing their grocery bills.

Groceries Beating Other Splurge Categories

In its official survey, McKinsey & Company revealed that groceries are beating other splurge categories this year 2024. Here's the list for each generation:

All Generations