The trend: Gen Z’s spending is set to skyrocket from $2.7 trillion in 2024 to $12.6 trillion globally by 2030, per a new Bank of America Institute report.
- Gen Z’s spending growth outpaces the broader population in both necessities and discretionary categories, according to Bank of America credit and debit card data.
- Entertainment and travel are major drivers, with spending in these categories up 25.5% YoY and 13.8% YoY on a six-month moving average in February, respectively.