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Generation Z is willing to pay more for wedding gifts than previous generations.
According to a report by Empower, Gen Zers (born between 1997 and 2012) admitted to spending an average of $275 on wedding gifts, compared to their baby boomer counterparts, who spent an average of $98 per gift. Millennials and Gen Xers reported spending an average of $238 and $149, respectively, and the average overall guest said they would spend $174.95 on gifts.
The younger the person, the more likely they are to spend more on wedding gifts. Experts have attributed this to older generations growing up in an era where $100 was considered a significant amount for a gift. Rising prices thanks to inflation have distorted Gen Z's perception of what is and isn't too much.
“Baby boomers still remember when $100 was a generous gift, while Gen Z is more aware of today’s inflationary prices and understands that $100 barely covers the open bar at the reception,” explained Drew Powers, founder of Illinois-based Powers Financial Group. Newsweek Magazine that this reflects the younger generation she has grown up with. “Perhaps Gen Z sees the wedding gift as a natural extension of the wedding experience and is therefore willing to spend more.”
According to a June report from Experian, 63 percent of Gen Z would rather spend money on “life experiences” like travel and concerts. They are prioritizing investments that enhance connection rather than material wealth. Researchers have theorized that this is evidence of growing disillusionment and acceptance of the idea that they will never be able to afford a home.
“[Gen Z-ers] “I believe my generation — the baby boomers — has focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they are right,” BlackRock CEO Larry Fink wrote in his annual letter.
An Intuit survey found that 73 percent of Gen Zers feel the current economic climate has set them up for failure, making it difficult to save money. Their struggles with rising housing costs, student loan debt, and increasing prices for everyday purchases like groceries have been compounded by stagnant wages, worsening their overall financial outlook.
Financial expert Haley Sacks, also known as Mrs. Dow Jones online, explained to He The Times Union that younger generations have begun to define the American dream on their own terms.
“With the changing tides and the world we have inherited, financial education must change as well,” Sacks said. “We have inherited a completely different economy and world.”
