loader image
Skip to content
By: CHRISTINE MCBRIDE

2023: A Year of Thrifty and Frugal Shopping

It’s already happening: shoppers are looking for ways to save money and be more frugal. With an uncertain economy and prices rising, consumers have no choice but to stretch their dollars. But how far will young shoppers need to go to get the garments they want without breaking the bank? 

The price of being fashionable

It’s no secret that being fashionable costs money. Whether it’s designer clothes, high-end beauty products, or a lavish lifestyle, being stylish doesn’t come cheap. But what if there was a way to be fashionable on a budget?

There are plenty of ways to get your fashion fix without spending a fortune. You can shop at discount stores, find deals online, or borrow clothes from friends. You can also make your own clothes or accessories, or shop at secondhand stores.

No matter how you choose to do it, being fashionable doesn’t have to cost a lot of money. Consumers are experimenting with new styles, wardrobes, and garments, but they’re doing it within their budget.

Gen Z shoppers are reshaping retail

Retailers have been struggling to keep up with the shifting shopping habits of Gen Z. This generation, which is made up of those born between 1995 and 2010, is reshaping retail by preferring to shop online and via mobile devices.

Gen Z shoppers are more likely to research items before buying them, and they are less likely to be brand loyal. They are also more likely to be influenced by online reviews. This has led retailers to focus on creating a strong online presence, with a focus on user experience and convenience.

Gen Z is also shaping retail by demanding more from brands in terms of sustainability and social responsibility. They want companies to be transparent about their supply chains and to be involved in philanthropic initiatives.

Retailers that are able to keep up with the shifting shopping habits of Gen Z will be better positioned for the future.

Young shoppers look to save in 2023

For many young shoppers, saving is imperative. According to a new study by the University of Arizona, millennials who have “proactive financial strategies” tend to be happier, more content and satisfied. 

“People who save money report better overall well-being, including less psychological distress,” Sabrina Helm, study author and associate professor told CNBC.

This trend is being driven by a number of factors. For one, millennials are increasingly burdened by student debt and other forms of debt. They are also facing higher costs of living, making it more important to save money where they can.

Retailers are responding to this trend by offering more discounts and promotions. They are also expanding their online offerings, which tend to be more affordable than in-store purchases.

Overall, retailers are hopeful that the trend toward savings will continue in the years ahead. 

This should lead to increased sales and profits, as millennials become a more important segment of the shopping population.