Gen Z Traction (Mix & Inflection): December Analysis across 115 Companies (Retailers, Brands, Travel, Transport)

By David Schick and Jonathan Feeney and David Katzman and Jack Hermann Published on December 29, 2025 PDF

In this updated report, we analyze both mix and inflection of digital traction with the key 18-34 year old consumer cohort. We calculate and examine these trends both across and within subsectors. Callouts include:

SHAK, BOOT, BKE lead all measured names in Gen Z traction growth (we note BOOT also has a substantial increase in short interest). Our analysis also shows GME and Ahold both had jumps in short interest and declines in Gen Z traction (see Figure 1).

GME, WING, BROS have the highest mix of traction with 18-34 yo (See Figure 2). CRI, TSCO, BJRI have the strongest growth in traction with 18-34 yo (see Figure 3). We note WEN with persistent, and incremental, negative inflection (Figure 7).

MTN, URBN, RH have shown positive inflection from Sep-Nov 2025 relative to prior trend (see Figure 4). MTN, ALK, H lead leisure, accommodation, & travel companies in inflections (see Figure 5) while BJRI, CMG, WING lead restaurant brands (see Figure 7), F, CVNA, LCID lead automotive brands (see Figure 9), AEO, UA, PVH lead apparel & golf brands (see Figure 11), and URBN, RH, WSM lead retail brands (see Figure 13).

BYD, NLCH, ALK lead leisure, accommodation, & travel companies in year-over-year Gen Z engagement growth (see Figure 6). SHAK, CAVA, BROS lead within restaurants (see Figure 8). CVNA, F, LCID lead automotive brands (Figure 10). BOOT, BKE, CRI lead apparel & golf brands (see Figure 12). ASO, DG, FIVE lead retail brands (see Figure 14).

Gen Z and “young millennials” are taking over the economy, quarter by quarter. This cohort already have the fastest spending growth, according to the BLS – with annual spending growth approximately 2x Gen X and Boomers (interestingly, Gen X spending growth has been slower than Boomers, we believe due to lesser real estate and financial assets).

Figure 1: Change in Short Interest Ratio vs. Change in 18-34 Digital Traffic Y/Y

Source: Optimal Advisory analysis, Similarweb

Figure 2: Age 18-34 Top 10

Source: Optimal Advisory analysis, Similarweb

Figure 3: Age 18-34 Top 10 Y/Y Change

Source: Optimal Advisory analysis, Similarweb

Figure 4: Age 18-34 Top 10 Inflections

Source: Optimal Advisory analysis, Similarweb

Figure 5: Age 18-34 Leisure, Accommodations, & Travel Inflections

Source: Optimal Advisory analysis, Similarweb

Figure 6: Leisure, Accommodations, & Travel Change in Short Interest Ratio vs. Change in 18-34 Digital Traffic Y/Y

Source: Optimal Advisory analysis, Similarweb

Figure 7: Age 18-34 Restaurant Inflections

Source: Optimal Advisory analysis, Similarweb

Figure 8: Restaurants Change in Short Interest Ratio vs. Change in 18-34 Digital Traffic Y/Y

Source: Optimal Advisory analysis, Similarweb

Figure 9: Age 18-34 Automotive Inflections

Source: Optimal Advisory analysis, Similarweb

Figure 10: Automotive Change in Short Interest Ratio vs. Change in 18-34 Digital Traffic Y/Y

Source: Optimal Advisory analysis, Similarweb

Figure 11: Age 18-34 Apparel & Golf Inflections

Source: Optimal Advisory analysis, Similarweb

Figure 12: Apparel & Golf Change in Short Interest Ratio vs. Change in 18-34 Digital Traffic Y/Y

Source: Optimal Advisory analysis, Similarweb

Figure 13: Age 18-34 Retail Inflections

Source: Optimal Advisory analysis, Similarweb

Figure 14: Retail Change in Short Interest Ratio vs. Change in 18-34 Digital Traffic Y/Y

Source: Optimal Advisory analysis, Similarweb

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