According to a survey released last month by LendingTree, 62% of Gen Z-ers feel pressure to spend money and keep up with people around them - compared with the national average of 32%...the average Gen Z-er's credit card debt is more than double that of millennials.
48% of social media users reported buying something impulsively that they saw advertised online, spending an average of $754 on impulse purchases...60% of respondents ages 18-26 in Gen Z admitted to impulsively purchasing from social media.
Gen Zs may feel pressured to buy the 'nicest and newest things to keep up with trends and popular items,' leading to over-consumerism and financial strains.
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