How the young spend their money
They are woke, broke and complicated. Businesses should take note
Jan 16th 2023
YOUNG PEOPLE have always perplexed their elders. Today’s youngsters are no different; indeed, they are baffling. They have thin wallets and expensive tastes. They prize convenience and a social conscience. They want shopping to be at once seamless and personal. They crave authenticity while being constantly immersed in an ersatz digital world. As they start spending in earnest, brands are trying to understand what these walking paradoxes want and how they shop. The answers will define the next era of consumerism.
perplexed
adj. 困惑的, 迷惑不解的
v. “perplex”的过去分词和过去式
baffling
adj. 令人费解的，无法理解的
conscience
n. 良心, 良知, 内疚, 愧疚
seamless
adj. 无（接）缝的, （两部分之间）无空隙的
crave
v. 渴望, 热望, 恳求, 请求
paradox
年轻人如何花钱
他们是觉醒的、破产的、复杂的。企业应注意这一点
年轻人总是让他们的长辈感到困惑。今天的年轻人也不例外;事实上，它们令人困惑。他们钱包瘪，品味昂贵。他们珍视便利和社会良知。他们希望购物既无缝又个性化。他们渴望真实，同时不断沉浸在一个假冒的数字世界中。随着他们开始认真消费，各大品牌正试图了解这些行走的悖论想要什么，以及他们如何购物。这些答案将定义下一个消费主义时代。
Their absolute numbers are formidable. The European Union is home to nearly 125m people between the ages of ten (the youngest will become consumers in the next few years) and 34. America has another 110m of these Gen Zs and millennials, a third of the population. The annual spending of households headed by American Gen Zs and millennials hit $2.7trn in 2021, around 30% of the total.
formidable
adj. 可怕的；令人敬畏的；难对付的
millennial
adj. 一千年的；千禧年的
n. 生于千禧世代的人（生于1980或1990年代的人）
household
n. 家庭, 一家人, 同住一所（或一套）房子的人
adj. 家庭的, 家常的, 王室的
它们的绝对数量令人生畏。欧盟有近1.25亿10岁到34岁的人口(最年轻的将在未来几年成为消费者)。美国还有1.1亿z世代和千禧一代，占总人口的三分之一。以美国z世代和千禧一代为首的家庭的年支出在2021年达到2.7万亿美元，约占总支出的30%。
A good place to start dissecting the psyche of young consumer is to consider the economy that has moulded them. At one end of the scale, today’s 30-somethings came of age in the midst of the global financial crisis of 2007-09 and the ensuing recession. Their younger peers had a bit more luck, beginning their careers in years when tightening labour markets had pushed up wages. Until, that is, the covid-19 pandemic upended many of their lives.
dissect
v. 剖析，解剖（人或动植物），仔细研究，详细评论
psyche
n. 心灵, 心态, 精神, 灵魂
The need for love is a hidden corner within your psyche.
对爱的需要隐藏在你的心灵深处。
剖析年轻消费者心理的一个好起点是考虑塑造他们的经济。在天平的一端，今天的30多岁的人是在2007-09年的全球金融危机和随后的衰退中成年的。他们的年轻同事们要幸运一些，在劳动力市场紧缩、工资上涨的年代开始了他们的职业生涯。直到covid-19大流行颠覆了他们许多人的生活。
These two big shocks have fostered pessimism among the young people who experienced them. A study by McKinsey, a consultancy, published in 2022, found that a quarter of Gen Zs doubted they would be able to afford to retire. Less than half believed they would ever own a home.
foster
v. 促进, 培养, 助长; 抚育, 收养; 照料; 抱有(希望等)
n. （Foster）[人名]福斯特
adj. 代养的, 收养的
pessimism
n. 悲观, 悲观主义, 悲观情绪
这两次大冲击在经历过的年轻人中滋生了悲观情绪。咨询公司麦肯锡(McKinsey)在2022年发表的一项研究发现，四分之一的z世代怀疑他们是否有能力退休。不到一半的人相信他们会拥有自己的房子。
Uncertainty about the future may be encouraging impulsive spending of limited resources in the present. The young were disrupted more by covid than other generations and are now enjoying the rebound. According to McKinsey, American millennials (born between 1980 and the late 1990s) spent 17% more in the year to March 2022 than they did in the year before. Despite this short-term recovery from the dark days of the pandemic, their long-term prospects are much less good. American millennials and Gen Zs have accumulated less wealth than Gen X or Boomers at the same age.
impulsive
adj. 凭冲动行事的, 易冲动的
accumulate
v. 积聚，累加，堆积
Boomer
n. （非正式）二战后生育高峰期出生的人；〈澳〉大型雄性袋鼠
对未来的不确定性可能会鼓励人们冲动地消费当前有限的资源。与其他几代人相比，年轻人受新冠疫情的影响更大，现在正在享受反弹。根据麦肯锡的数据，在截至2022年3月的一年里，美国千禧一代(出生于1980年至20世纪90年代末)的支出比前一年增加了17%。尽管从大流行的黑暗岁月中短期复苏，但长期前景远不乐观。美国千禧一代和z一代在同一年龄段积累的财富少于X一代或婴儿潮一代。
Easy access to means of spreading payments may encourage splashing out (see chart 1). According to another survey by McKinsey in October, 45% of Europeans in their teens and early 20s planned some kind of splurge in the next three months whereas 83% of Boomers, born before 1964, said “No” to such profligacy. Forrester, a market-research firm, found that most users of “buy now, pay later” apps are around 20. Megan Scott, a 20-year-old student from London, speaks for many of her peers by admitting that, when shopping, she has no restraint—until, she chuckles, the bill arrives.
splash
n. 飞溅的水；溅水声；（引人注目的）亮点
v. 使（液体）溅出、洒出；戏水；在显著位置刊登
splurge
v. 挥霍, 乱花（钱）, 糟蹋（钱）
n. 挥霍, 乱花钱, 糟蹋钱
profligacy
n. 放荡, 堕落, 荒淫, 极度的浪费
chuckle
v. 低声轻笑, 轻声地笑
n. 吃吃的笑, (母鸡的)咯咯声
容易获得的分散支付方式可能会鼓励挥霍(见表1)。根据麦肯锡10月份的另一项调查，45%的十几岁和20岁出头的欧洲人计划在未来三个月内进行某种挥霍，而1964年之前出生的婴儿潮一代中，83%的人对这种挥霍说“不”。市场研究公司Forrester发现，“先买后付”应用的大多数用户都在20岁左右。来自伦敦的20岁学生梅根·斯科特(Megan Scott)承认，在购物时，她毫无节制——直到账单来了，她咯咯地笑了。
In many ways youngsters’ shopping habits, like their lives, are defined by the “attention economy”—buying stuff online is far quicker and easier than a trip to the shops. The proliferation of social media means there are many new ways of attracting consumers’ eyeballs. Young shoppers never knew a world without smartphones. More than two-thirds of 18- to 34-year-old Americans spend four hours or more on their devices each day. A heightened expectation of convenience comes with being raised in the age of Airbnb, Amazon and Uber. Young people want their shopping to be totally hiccup-free.
proliferation
n. 增生, 〈正式〉(数量)激增, 扩散
hiccup
n. 呃逆, 嗝, 一连串的打嗝, 小问题
v. 打嗝, 打呃
在很多方面，年轻人的购物习惯，就像他们的生活一样，都是由“注意力经济”定义的——网上购物比去商店购物要快得多、容易得多。社交媒体的泛滥意味着有许多吸引消费者眼球的新方法。年轻的消费者们从未见过一个没有智能手机的世界。在18岁至34岁的美国人中，超过三分之二的人每天花在电子设备上的时间超过4小时。在Airbnb、亚马逊(Amazon)和优步(Uber)的时代，人们对便利的期望越来越高。年轻人希望购物时完全不打嗝。
The light-speed online world also appears to have lowered tolerances for long delivery times. A study by Salesforce, a business-software giant, found that Gen-Z Americans are the likeliest of all age groups to want their groceries delivered within an hour. They are more likely than the rest of the population to use their phones to pay for shopping, says Forrester.
光速般的网络世界似乎也降低了对长时间配送的容忍度。商业软件巨头Salesforce的一项研究发现，在所有年龄组中，z世代的美国人最有可能希望他们的杂货在一小时内送到。Forrester说，他们比其他人群更有可能用手机支付购物费用。
These “always-on purchasers”, as McKinsey has christened them, often shun a weekly shop for quicker fixes of everything from fashion to furniture. They like subscriptions, often favouring shared access to products rather than outright ownership. This has buoyed online-rental sites (like Rent the Runway for fashion) and streaming services. Investors may have fallen out of love with Netflix but Gen Z has not; the company remains one of the most popular brands among that age group in America.
christen
v. （施洗时）为…命名, 给…施洗, 给…取名（或命名）, 首次使用
n. 【女名】女子名
shun
v. 避开, 避免, 回避
furniture
n. （可移动的）家具
outright
adj. 完全的, 彻底的, 绝对的, 公开的
adv. 公开地, 直率地, 毫无保留地, 完全彻底
麦肯锡称他们为“永远在线的购买者”，他们经常避免每周购物，以更快地购买从时装到家具的所有东西。他们喜欢订阅，通常喜欢共享产品，而不是完全拥有产品。这推动了在线租赁网站(如时尚领域的Rent the Runway)和流媒体服务的发展。投资者可能已经对Netflix失去了兴趣，但Z世代却没有;该公司仍然是美国该年龄段人群中最受欢迎的品牌之一。
The internet has also changed how the young discover brands (see chart 2). Print, billboard or TV advertising has given way to social media. Instagram, part of Meta’s empire, and TikTok, a Chinese-owned video-sharing app, are where the young look for inspiration, particularly for goods where looks matter such as fashion, beauty and sportswear. TikTok’s user-generated videos can propel even tiny brands to speedy viral fame. Such apps are increasingly adding features that allow users to shop without ever leaving the platform. According to McKinsey, by 2021 six in ten Americans under the age of 25 had completed a purchase on a social-media site. Some are following the Chinese model of “social commerce” by mixing live-streamed entertainment with the chance shop.
sportswear
n. 运动服装, 便装
propel
v. 推进，推动；驱使；迫使
viral
adj. 病毒的, 病毒性的, 病毒引起的
adj. （通过网络在个体之间迅速）病毒式的（传播）
fame
n. 声誉，名望
互联网也改变了年轻人发现品牌的方式(见表2)。平面广告、广告牌或电视广告已经让位于社交媒体。Meta帝国旗下的Instagram和中国拥有的视频分享应用TikTok是年轻人寻找灵感的地方，尤其是时尚、美容和运动服等外貌很重要的商品。TikTok的用户生成视频甚至可以推动小品牌迅速走红。这类应用越来越多地添加功能，让用户不用离开平台就能购物。根据麦肯锡的数据，到2021年，25岁以下的美国人中，十分之六的人在社交媒体网站上完成了购物。一些公司效仿中国的“社交商务”模式，将直播娱乐与机会商店结合起来。
For the time being, though, young Western consumers prefer to make purchases outside social media, and often scour sites like Amazon for bargains. According to Cowen, an investment bank, spending on subscriptions to Prime, Amazon’s home-delivery and entertainment service, trails only phone bills, food and travel in young people’s shopping baskets.
scour
v. （彻底地）搜寻, （用粗糙的物体）擦净, 冲刷成, 冲刷出
n. 洗涤剂, 洗去, 磨擦, 疏浚
bargain
n. 物美价廉的东西; 交易, 买卖; 协定, 协议
v. 讨价还价; 讲条件, 谈判
不过，就目前而言，年轻的西方消费者更喜欢在社交媒体之外购物，他们经常在亚马逊(Amazon)等网站上淘便宜货。据投资银行Cowen称，在年轻人的购物篮中，订阅亚马逊的送货上门和娱乐服务Prime的花费仅次于电话费、食品和旅行。
Physical shops are not entirely shunned, as long as the experience feels personal and, ideally, integrates virtual and physical worlds. Nike, for example, is successfully targeting young buyers by allowing them to design their own trainers on its website, to pick up in person after attending an in-store dance class, and then encouraging them to tag the brand in a review on TikTok or Instagram.
virtual
adj. 虚拟的, 模拟的; 实际上的, 实质上的
实体商店并非完全不受欢迎，只要体验是个性化的，并且理想情况下，它将虚拟世界和物理世界结合在一起。例如，耐克(Nike)成功地瞄准了年轻买家，让他们在网站上设计自己的运动鞋，在参加完店内舞蹈课后亲自去取，然后鼓励他们在TikTok或Instagram上评论该品牌。
The new world of shopping has also allowed the young to take a more informed view of the companies that they buy from. The attention economy’s information overload has not dulled youngsters’ senses but appears to have made them hypersensitive, especially to any brand that pretends to be something it isn’t. Edelman, a public-relations firm, found that seven in ten Gen Zs across six countries fact-check claims made in adverts. Citing survey data that show some teens have shunned certain brands because of their shady ethics, Forrester has taken to calling young consumers “truth barometers”.
hypersensitive
adj. 非常敏感的, 很容易生气的, （对某些物质、药物、光等）过敏的
Cite
v. 提及，举例；引用，引述；传唤；嘉奖
shady
adj. 阴凉的，成荫的；非法的，不正当的
ethics
n. 道德标准, 道德伦理, 伦理标准, 【哲】伦理学
barometer
n. 气压计；晴雨表
购物的新世界也让年轻人对他们购买的公司有了更明智的看法。注意力经济的信息过载并没有使年轻人的感官迟钝，但似乎使他们变得极度敏感，尤其是对任何伪装成另一种东西的品牌。公关公司爱德曼(Edelman)发现，六个国家的十分之七的z世代会核查广告中的言论。根据调查数据显示，一些青少年因为某些品牌的不道德行为而对其敬而远之，Forrester称年轻消费者为“真相晴雨表”。
Brands that do not match up to the long list of requirements had better watch out. If they do not get what they want and how they want it, youngsters are happy to try something new. According to the survey by McKinsey from October 2022, nine in ten Gen Z and millennial Europeans had changed how they shopped, where they shopped or the brands they bought in the previous three months.
那些不符合这一长串要求的品牌最好小心了。如果他们没有得到他们想要的东西，也没有得到他们想要的方式，年轻人很乐意尝试新的东西。根据麦肯锡从2022年10月开始的调查，90%的Z世代和千禧一代欧洲人在过去三个月内改变了他们的购物方式、购物地点或购买的品牌。
How the young shop is clearly in flux. What they buy, too, is changing. What older generations consider discretionary, such as wellness and luxury, have become essentials. Self-care is all the rage. On the hunt for clothing that will set them apart, the young are turning to posh brands at an ever more tender age. According to Bain, a consultancy, the average Gen Z shopper makes their first luxury purchase when they are 15, compared with 19 for their 30-something counterparts. Some buy posh items as a hedge, believing that they can hold value even during tough times. Helpfully, such items can now be traded easily on second-hand sales platforms such as Vinted and Vestiaire Collective.
flux
n. 不断的变动，不停的变化；通量，流动
discretionary
adj. 自行决定的, 酌情行事的, 便宜行事的
这家年轻的商店显然在不断变化。他们购买的东西也在改变。老一辈人认为可有可无的东西，比如健康和奢侈品，已经变成了必需品。自我照顾风靡一时。为了寻找能让自己与众不同的服装，年轻人在年龄越来越小的时候就开始转向奢侈品牌。咨询公司贝恩(Bain)表示，Z世代购物者首次购买奢侈品的平均年龄为15岁，而30多岁的同龄人为19岁。一些人购买时髦的物品作为对冲，认为即使在困难时期它们也能保值。幸运的是，这些物品现在可以在Vinted和Vestiaire Collective等二手销售平台上轻松交易。
More broadly, young consumers profess to be more values-driven than previous generations. Research by Forrester shows that this attitude is even more common among teenagers and 20-somethings than among slightly older counterparts. Some of these values are centred around identity (race, gender and so on). Others stem from things the young care about, such as climate change. KPMG, an accounting firm, found that the Gen Z crowd across 16 countries worries more about climate change and natural disasters than any other generation. According to a survey by Credit Suisse, a bank, youngsters in emerging markets are more fretful still.
stem
n. 茎，干，梗；词干；血统
v. 堵住；阻止；起源于，发生
fretful
adj. 烦躁的, 苦恼的, 不舒适的
更广泛地说，年轻消费者自称比前几代人更受价值观驱动。弗雷斯特研究公司的研究显示，这种态度在青少年和20多岁的年轻人中比年龄稍大的同龄人更普遍。其中一些价值观以身份(种族、性别等)为中心。另一些则源于年轻人关心的事情，比如气候变化。毕马威会计师事务所(KPMG)发现，16个国家的Z世代比其他任何一代人都更担心气候变化和自然灾害。根据瑞士信贷银行的一项调查，新兴市场的年轻人更加焦躁不安。
Revealed preferences paint a more nuanced picture. On the one hand, Forrester has identified Patagonia, a premium outdoor-clothing brand with a record of green do-goodery, as a Gen Z favourite in the rich world. The young are the most likely of all age groups to try—and stick with—alternative proteins such as oat milk and plant-based meat alternatives. But not at any price. Credit Suisse found that on average, consumers globally will pay an average premium of 9% for more environmentally friendly grub. Young consumers in the rich world are less willing to pay premiums for these alternatives than their counterparts in emerging markets.
nuanced
adj. 微妙的，有细微差别的
oat
adj. 燕麦制的, 含燕麦的
n. 【植】燕麦, 燕麦田, 燕麦种子, 同“oatmeal”
公开的偏好描绘了一幅更微妙的画面。一方面，弗雷斯特公司已经将巴塔哥尼亚(Patagonia)这个高端户外服装品牌认定为富裕国家Z世代的最爱。在所有年龄组中，年轻人最有可能尝试并坚持食用燕麦牛奶和植物性肉类替代品等替代蛋白质。但不是不惜任何代价。瑞士信贷发现，全球消费者平均愿意为更环保的食物支付9%的溢价。与新兴市场的年轻人相比，富裕国家的年轻消费者不太愿意为这些替代品支付溢价。
Youngsters’ appetite for instant gratification is also fuelling some distinctly ungreen consumer habits. The young have virtually invented quick commerce, observes Isabelle Allen of KPMG. And that convenience is affordable because it fails to price in all its externalities. The environmental benefits of eating plants rather than meat can be quickly undone if meals are delivered in small batches by a courier on a petrol-powered motorbike. Shein, a Chinese clothes retailer that is the fastest in fast fashion, tops surveys as a Gen Z favourite in the West, despite being criticised for waste; its fashionable garments are cheap enough to throw on once and then throw away. Like everyone else the young are, then, contradictory—because, like everyone else, they are only human. ■
appetite
n. 胃口, 食欲; 欲望; 爱好
gratification
n. 满足, 满意, 快感, 令人喜悦的事物
externality
n. 外部性, 外在性, 客观性
undone
adj. 松开, 未完成, 未扣, 未系
v. “undo”的过去分词
batch
n. 批, 一批, （食物、药物等的）一批生产的量
v. 分批处理
garment
n. （一件）衣服
年轻人对即时满足的渴望也助长了一些明显不环保的消费习惯。毕马威(KPMG)的伊莎贝尔•艾伦(Isabelle Allen)认为，年轻人实际上已经发明了快速商业。这种便利是可以承受的，因为它没有将所有的外部性都计算在内。如果食物是由骑着汽油动力摩托车的快递员小批量送过来的，吃植物而不是吃肉对环境的好处很快就会消失。Shein是一家在快时尚领域走得最快的中国服装零售商，在调查中成为西方Z世代的最爱，尽管有人批评它浪费;它的时尚服装便宜到可以穿一次就扔掉。和其他人一样，年轻人也是矛盾的——因为和其他人一样，他们也是人。■
1587 words