Younger Consumers Chase Low Prices as Older Generations Splurge on Quality

Boomers overwhelmingly prioritize quality over price when defining value, while Gen Z consumers are nearly twice as likely to seek out the cheapest possible option, according to Datassential’s Demographic Dive report.   

 When asked to define value, 72% of Boomers said they want a good deal, but not at the expense of quality, compared with 63% of Gen Z, 60% of Millennials and 63% of Gen X. Gen Z posted the highest share prioritizing rock-bottom pricing, with 19% defining value as “the cheapest possible option,” followed by Millennials at 16% and Gen X at 14%. Boomers were the least likely to prioritize price alone, at just 11%.

Millennials, meanwhile, showed the strongest appetite for paying more. Nearly a quarter (24%) said they want a great meal and experience even if they have to pay more, edging out Gen X (23%) and outpacing Gen Z (18%). 

Financial stress helps explain why younger consumers chase deep discounts and premium indulgence at the same time. Gen Z and Millennials reported the highest financial stress of any generation, with 62% saying they are stressed about money and finances, compared with just 40% of Boomers. 

According to the Modern American Spending report, Gen Z was also far more likely to lose track of everyday spending (49% versus 20% of Boomers) and to spend impulsively and regret it later (63% versus 22% of Boomers), which may offer some insights as to why the same generation chases deep discounts and premium indulgence in equal measure.

That same tension, chasing value while still leaving room to splurge,  shows up across specific dining occasions, per The Value Equation report. Boomers and Gen X are the generation most likely to say they still look for good value even when treating themselves, reinforcing a value-first mindset even in indulgent moments. But the pattern flips for higher-stakes occasions: Gen Z is the most willing generation to say they’d spend whatever it takes to make a celebration memorable and the most likely to say they’re fine spending what it takes on a family dinner as long as everyone’s happy.