Generation Z Spending Shifts Toward Purposeful Experiences, McKinsey Finds

The growth of the economy and society is gradually shaping how young people view money. According to McKinsey’s State of the Consumer 2025, based on surveys of more than 25,000 consumers across 18 countries, younger generations are forming more selective spending habits and have higher expectations from each transaction, with experiences, convenience, and a sense of control emerging as core values.

In Vietnam, this shift is described as especially pronounced, extending from meals and payment methods to the choice of experiences as part of a broader effort to live more proactively and with clearer direction.

Selective spending and higher expectations

Minh Anh (27), a communications professional in Ho Chi Minh City, said she does not shop frequently, but that each spending decision has a purpose: “I don’t buy because it’s cheap, nor because of brand or trend. A item that fits, lasts long, a course that helps upgrade myself, or a trip that recharges my energy—I want my money to serve those things.”

The article links this mindset to a principle that each transaction should deliver more than the price paid. It also notes that McKinsey observes rising expectations among young consumers: each transaction should not only satisfy a need but bring additional benefits.

Turning transactions into loyalty rewards

Within this framework, the article highlights point-earning programs and loyalty rewards. It cites Techcombank’s loyalty program, which uses U-Points earned from every transaction on the Techcombank Mobile banking app.

According to the content, U-Points can be accumulated from everyday expenses such as bill payments, QR code scanning, or card swipes. It also states that customers can receive an additional 1.3 million U-Points per month when they become Inspire members, and can double U-Points from profits earned via Techcombank’s Sinh Lời Tự Động.

“Payment as experience” and redemption at stores

The article describes a “payment as experience” trend through the example of Thu Ha (30), a freelancer: “I usually use U-Point to buy drinks at Starbucks because you can exchange vouchers from 100k to 500k dong, and you can apply two vouchers at once. Very convenient.”

Beyond Starbucks, it says U-Points can be redeemed for vouchers from major brands including WinMart, Big C, Highlands, Phúc Long, and local eateries near home or work. The article frames this as banks extending products and services beyond a payment tool, positioning them as part of consumer life where transactions add value, privileges, and subsequent experiences.

It also cites Anh Quang (35) in Hanoi, who said: “I value being able to use U-Point to pay directly at stores, because it feels as close as cash, without exchange-rate hassles or breaking the spending habit.”

Gen Z spending on experiences

McKinsey is cited as noting that Gen Z is willing to spend on experiences, ranging from small daily joys to larger expenses such as travel. The article emphasizes that the core of the trend is not the amount of money, but the sense of control and value—spending according to one’s own life rhythm without constraint and without long delays.

It further states that data from Techcombank’s Loyalty Program shows more young people exchanging U-Points for vouchers from brands like Xanh SM, Be, and Grab to make daily travel easier, or redeeming points for Traveloka benefits to enjoy experiential trips.

Role of banks in lifestyle ecosystems

The article concludes that banks’ role is not limited to holding money or processing transactions, but increasingly involves participating in lifestyle choices. It describes Techcombank’s U-Point as a link in a broader ecosystem where daily transactions are designed to add value and elevate future experiences.

It also says Techcombank integrates the OneU lifestyle app to make spending and benefits more seamless and easier to manage. With OneU, users can use U-Point to buy tickets for concerts or sports, redeem miles on Golden Lotus, find shopping vouchers, dining offers, and more.

Overall, the content argues that smart spending for today’s youth is not only about how much is spent, but what is spent on and how it is done—so that convenience and mindful living are supported by financial ecosystems.