Millennials and Generation Z might find the prospect of a dry-January a little less taxing than their older cohorts, what with health higher on their agenda according to RSM’s latest consumer spending survey.
Despite 91 per cent of Gen Z saying they save, with nearly half of these (45 per cent) saying they’ll save even more in 2019, they don’t plan to rein it in to the extent of older generations – instead, they want to splash out more on the treadmill and pumping iron.
Nearly half of the 2000 people surveyed by the leading audit, tax and consulting firm said they have a gym membership. Of those, three quarters of all Millennials and Gen Z have at least one gym membership with both generations saying they don’t intend to let up using them.
Paul Newman, partner and national head of Leisure and Hospitality at RSM said: ‘Operators are reacting to the spending and lifestyle habits of the ‘sensible generation’. The increase in gym spend is being driven by niche operators. Certain groups, especially millennials, are attracted to specialist ‘drop in’ and ‘pay as you go’ fitness classes and boot camps in addition to their main club membership. I expect boutique fitness studios to become increasingly mainstream in the UK’s leisure landscape’
Further reasoning behind why these younger generations might prefer a non-alcoholic start to the year is backed up by their preference to spend less on going out. Nearly a third (27 per cent) of all consumers said they’d rein it in on this front.
Instead nine in ten Millennials and Gen Z buy takeaways; just over a third of Millennials and 29 per cent of Gen Z eat them at least once a week or more often; although consumers across the board said they were most likely to cut spending on takeaways (28 per cent).
When it came to where consumers thought they would put their money next year, the top three were savings (21 per cent), holidays (17 per cent) and weekends away (13 per cent).
The survey also showed that a fifth of UK adults eat out at restaurants at least once a week, a third of these being millennials who eat out at least once a week. 47 per cent of Gen Z are more likely to eat out once or twice a month.
A quarter of consumers across all generations said they had spent more on holidays in the past 12 months, with the same proportion planning to spend the same or more on travel and tourism in 2019 – a clear illustration of the wider experience economy that the high street will be competing with over the coming year.
Nearly 60 per cent don’t see brands as an important factor when purchasing. Following this, over 50 per cent say negative press coverage concerning a brand would prevent them from purchasing their products again. Finally, nearly 75 per cent say they would avoid an outlet which had been reported for hygiene or food poisoning.