- Younger generations spending less in grocery stores, more on app deliveries
TERRITORIES OF MUSQUEAM, SQUAMISH AND TSLEIL-WAUTUTH NATIONS and VANCOUVER British Columbia, Nov. 23, 2023 (GLOBE NEWSWIRE) — In an effort to better understand its members and their economic realities, Vancity has produced a new report based on the credit union’s financial data. In the inaugural Economy and Impact Report, Vancity examined credit card purchases, providing insights into the spending habits of its members across groceries, restaurants, and delivery apps.
Economy & Impact puts a spotlight on food spending and finds British Columbians have not only changed their eating habits coming out of the pandemic but that younger generations, compared to previous generations, have clearly different spending patterns when it comes to eating. In breaking down the enviro™ Visa data by generation, it indicates Millennials and Gen Z are the least likely to buy their food in a grocery store. At least four per cent of Millennials’ – the largest generation by population — food budget that was spent on groceries in 2019 is now being spent on restaurants and meal delivery.
According to the credit card data, those in the youngest generation, Gen Z, are the heaviest users of food delivery apps, spending 22 per cent of their food money on deliveries. The trend to dine out less is mirrored across all age groups.
“To improve the financial well-being of Vancity’s members we need to first understand their financial priorities,” said Dave Perri, Vancity’s Chief Member Services Officer. “This report gives us an insightful look at Vancity members and their evolving needs. In the face of rising financial pressures, such as the significant hikes in food prices, we want to make sure our members are supported whether that’s managing their credit or budgeting for their meals.”
“The data from our enviro™ Visa indicates a significant shift in spending habits among Millennials and Gen Z. Understanding this audience, their spend habits, payment preferences and values enables us to support their lifestyle and preferred way to pay,” said Dan Iwachiw, VP Product for Visa Canada.
For the full Economy and Impact report, and a closer look at Vancity’s credit card data and the credit union’s impact, you can view the report online here.
About Vancity
Vancity is a values-based financial co-operative serving the needs of its more than 560,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka’wakw people. With $34 billion in assets plus assets under administration, Vancity is Canada’s largest credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
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