Younger generations spend more on groceries than other categories, a McKinsey report says.
The firm asked over 4,000 people, from baby boomers to Gen Zers, about the categories they intend to splurge on this year.
Groceries ranked highest for millennials and Gen Zers, outpacing restaurants, bars, travel, beauty and personal care, apparel, and fitness.
It's a notable shift from 2018 when older generations like baby boomers and Gen Xers still spent more on groceries than millennials.
It surveyed baby boomers to Gen Zers, not baby boomers to Gen Xers.
Persons:
Moodys, —, Splurging, what's, Gen Zers, It's, Gen Xers, Zer, Peter Pham, Pham, Moody's
Organizations:
McKinsey, Service, McKinsey & Company, millennials, Forbes