How Can Companies Support Gen Z Through the Cost of Living Crisis?

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How Can Companies Support Gen Z Through the Cost of Living Crisis?

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According to youth market research, the cost of livingcrisis is now the number one concern for 31%of Gen Z. Rising prices across energy bills, gas andgroceries, amongst other things, are forcing young consumers to rethink their spending habits. Gen Z is looking upon the future with little hope. 51% believe they will never beable to support a family, whereas 41% fear they'll never be able to buy their own home.

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Why Should Businesses Care?

What at first glance looks like a crisis forthe young also affects the future of businesses, especially those that market to Gen Z customers. Lower spending will lead to lower revenue. Gen Z will be less likely to go out, eat out, or splurge on branded goods as paychecks get tighter and tighter.

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Whilst much inflation is impossible for the average business to stop, companies are not always innocent regarding furthering the issue. The national minimum wage for 18-20year-olds is £6.83, whereas, for those 23 and over, it is £9.50.

Whilst the government has been pushing for more apprenticeship schemes, and training for young people, the low wages in these professions leave Gen Z financially insecure.

In times like these, stress and burnoutamongst young employees are high. This, in turn, can impact businesses with higher turnover rates and less engaged workers.

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