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Millennial, Gen Z spending habits revealed. We acknowledge the darkinjung people, Traditional Custodians of the land on which our studio sits, and pay respects to their Elders past and present. Just as Generation Z members are savers, the flip side of the coin is: they are not comfortable incurring debt. Understand them to understand your future. This is one of the defining factors that separates Gen Zs from their Millennial predecessors. Brands that take Gen Zs’ financial literacy seriously now will continue to see their loyalty as they gain spending power. Not going to the movies – 30% 3. Greta Thunberg’s rise to global fame through her environmental activism is a prominent example of how Gen Z is already influencing the world. Recent Posts. 18 December 2019 4 minute read Share. Generation Z likes that steadiness. By 2020, Gen Z will command 40% of all consumer shopping. Gen Z is typically less engaged with traditional media, but COVID-19 is drawing a younger audience to TV and is likely to change their media consumption habits permanently. With those differences, however, comes a fresh set of negative stereotypes that may follow Generation Z employees as they establish themselves in their careers. Adam Zuchetti. Gen Z, typically considered to be individuals born between 1996 and 2011, are still young in age, but their spending power is already indisputable. Yes. Thoughts + Resources on Money, Investing, Habits, and Happiness. Paul Maxwell. Generation Z is very aware that government funds will not cover their retirement completely. Scott Barlow Market Strategist. You are here and we are very excited about that. There are a few m... Yup, the savings account is a big one! Gen Z money habits are a thing of intrigue for many credit union and community bank marketers. They may have witnessed parents or older brothers and sisters look fruitlessly for work and fall behind on mortgages and bills. This generation differs greatly from all previous cohorts in saving, spending and overall money management habits. Generation Z is already planning how they will fund their retirement. With the youngest of those surveyed then being 14 years old, much will have changed in their lives over these last three years and the ways in which they spend their money. © 2017 Current on Currency. Shares. Gen Z-ers spend more money on food and drinks than anything else, and their favorite eatery is Starbucks, according to Piper Jaffray's most recent semiannual survey of teens. Living up to social responsibility is just the beginning of how brands can win over Gen Z. Just as the negative … Welcome, Generation Z! Gen Z grew up watching people cope with the financial struggles of sky-high student debt and the housing market crash of the mid-2000s. They may have graduated college. Thoughts + Resources on Money, Investing, Habits, and Happiness. Here are the three most surprising spending habits that influence when Gen Zs break out their wallets—and when they don’t. Maybe it’s nostalgic self-care, but Bath and Body Works is popping up all over Gen Z social channels. Updated: 04 Dec 2020, 05:18 AM IST Monika Halan. Despite their distaste for debt, Gen Z is occasionally willing to splurge — if an item or experience is “worth it.” They want to make sure they’re getting the best bang for their buck. Half use mobile apps for their banking. The average millennial respondent saved just over $1,000 during the pandemic, while the average Gen Z respondent saved close to $600. Generation Z doesn’t just shake up the status quo by their own hand. Generation Z (GenZ) is the fastest-growing wealth base in the world. Girls Gen Z Digital media company Sweety High ’s 2018 Gen Z Music Consumption & Spending Report revealed that nearly 97% of Gen Z females say they listen to … Generation Z is shaping up to be a true "throwback generation," already working, saving money, and determined not to end up like Millennials. Generation Z might be the youngest group of spenders, but they may actually be the best ones at saving. 8. Share Tweet Flip. Ben Luthi. Millennial, Gen Z spending habits revealed. As the summer comes to a close, older Gen Zers are headed to college. Gen Z & Money. The start-up founder is responsible for everything. They have loads of student debt. Generation Z is not footloose and fancy free when it comes to money. Gen Z sets itself apart from other generations with a sensible outlook on money. How have Gen Z spending habits changed during COVID-19? Social media influences the shopping habits of more than 80 percent of Gen Z. But they aren’t the youngest working and money-earning generation any more. Nearly, one-quarter plan to use their savings for college, Twelve percent plan to use it for retirement. They look at home ownership as an investment in their long-term independence. Anum Yoon is the founder and editor of Current on Currency. Very thoughtful post and the reasons you sited are accurate. Generation Z likes that steadiness. They’re very aware of the need to have savings as a life event cushion. They are every church's future giving base. Not only are 12 percent already saving for the golden years, 33 percent have specific plans to start retirement saving in their twenties. We know some about Generation Z’s spending habits, but with their age range being 8 to 24, a lot could change. These days, it feels like everyone has their own podcast. Why is this group so focused on homeownership? All rights reserved. Gen Z Personal Finance. Four money rules for gen Z to build a coming-of-age investment portfolio 4 min read. They are earning and spending money as adults, at least the first wave of them. Generation Z follows suit. One in five respondents said that if … What’s more, 82% of parents say their Gen Z children influence household spending. As a result, this new generation (born 1997 and onwards) is taking a much more pragmatic approach to the world of personal finance. Here, too, Generation Z may have learned from the example of older generations, including not only Millennials but their Generation Y parents and their Baby Boomer grandparents. They are making trade-offs between high rent urban centers and less expensive real estate. But there are distinct differences, too. Take a look at IG, and you’ll find tons of love for... Gen Z sets itself apart from other generations with a sensible outlook on money. They still need to focus on building a pristine online reputation for offering stellar services and products. They actively seek a corporate life, not an entrepreneurial dream. But in Generation Z’s lifetime, the smartphone and wireless access have become customary. Enter Generation Z. Research different financial services options. Millennial, Gen Z spending habits revealed. And they may even be willing to pay more at mission-focused businesses as well. 1 36 percent feel a strong loyalty or connection to a brand.1 47 percent of Gen Zers who engaged with a brand feel dissatisfied or neutral about that brand’s response.1 59 percent of Gen Zs trust the brands they grew up with.1 They are at their first (or maybe second or third) job. They also have plans for their savings — quite long-term plans. With the youngest of those surveyed then being 14 years old, much will have changed in their lives over these last three years and the ways in which they spend their money. They were small children or infants when 9/11 occurred, for example. While this mindset will ultimately put them on firmer financial footing than their parents, it also means Gen Zs are cautious about spending big before they have the means to do so. Twenty-four percent plan to use their savings for college. They would rather work for a corporation: The emphasis on stability has led prognosticators to label Generation Z the “. They are also very wary of student debt. Gen Z is more inclined to work than earlier generations were. Culture also plays into their drive to acquire property: 62 percent of Gen Zs believe home ownership is a “key component of the American Dream.”. Generation Z was born in 1996 and later. Here are the most significant differences. Our goal is to help Gen Z develop money habits that will allow you to: Keep More Of Your Hard Earned Money; Make More Of It; Pay Off Debt Effectively; Financially Help Your Future Self; Start Your Own Side Hustle or Business The money habits of Millennials have been cited endlessly over the past few years. For Subscribers. You might be surprised. But also, they grew up in a time of uncertainty. What money habits can you learn from Gen X? They were children when the Great Recession of 2008-2009 happened. Who’s in Generation Z? Today’s infographic comes to us from Rave Reviews and it shows how Gen Z is taking a more pragmatic approach to money. What do we know about their payment habits? Today’s infographic comes to us from Rave Reviews and it shows how Gen Z is taking a more pragmatic approach to money. You see, Gen-Z — those born between 1995 and 2012 — are in middle school, high school, college, and even a couple years into the workforce. In other words, many of them have never known any other method than digital to shop or bank. Mobile phones have increasingly become the way that payments are made and checks deposited in bank accounts. Gen Z saw some of their older friends take on massive amounts of debt, while also struggling to find well-paying jobs. The eldest members of this cohort are in their early 20s, graduating college and entering the workforce. Meanwhile, 35 percent of survey respondents said they have a stable income source, such as part-time employment and scholarships, aside from money from their parents. For Subscribers. Gen Z is expected to account for almost half of U.S. consumers by 2020, and so their shopping habits are vital for the future success of any company. GenZ's Wealth, Giving, and Financial Habits (Critical Stats Churches Should Know) In 20 years, GenZ will have over $20T in purchasing power (and giving power). The unprecedented way members of Gen Z define their own tastes and values has major implications for the way they spend money. Ok, that’s them, the folks in their late twenties and thirties. Thoughts + Resources on Money, Investing, Habits, and Happiness . March 12, 2019 . Gen Z, defined as those born after 1998, command $44 billion in buying power—nothing to scoff at, surely—but by 2020, it's projected they’ll command nearly 40 percent of all consumer shopping. Unlike the … Now, let’s dive into what they purchase, or plan to purchase and how these habits vary from millennials. By 2020, Gen Z will command 40% of all consumer shopping. Gen Z saw some of their older friends take on massive amounts of debt, while also struggling to find well-paying jobs. Gen Z money habits are also part of the social and global consciousness of their generation. They are also prepared to sacrifice. The emphasis on stability has led prognosticators to label Generation Z the “throwback generation.” They are more focused on getting qualifications such as internships early and then working. On Gen Z Money I offer live trading services where you can track my live trades and get access to my stock watchlist. They are already financing their retirement. More than 20 percent of them have had a savings account since the age of 10. More than 90 percent of Gen Zs say they shop for bargains and incentives. Before they make a purchase, Gen Z will scope out online reviews to make sure whatever they plan to buy meets (or, better yet, exceeds) their expectations. Known for being one of the most success-oriented generations, Gen Z has a clear vision of what personal achievement means. Gen Z is growing up, and as they’re coming of age, so is their spending power. That brings us to the fourth core behavior of Gen Z. MILLENNIAL MONEY Seven in 10 Gen Z and millennials say pandemic has made them reassess their spending habits. According to a 2019 Experian survey, Generation Z is anxious about money. Future Healthy: Gen-Z is leading the way with their saving habits. They may have graduated college. Work is work. Millennials are often termed digital natives. Many Generation Z-ers can’t remember a time before smartphones. Generation Z is not footloose and fancy free when it comes to money. Marketing to Gen Z in 2020: What brands should know and expect . Not only are 12 percent already saving for the golden years, 33 percent have specific plans to start retirement saving, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pinterest (Opens in new window), How to Save While Living Paycheck to Paycheck, 15 Fun Date Night Ideas for the Couple on a Budget, No Money Regrets: 7 Financial Mistakes to Avoid, How to Build Credit While You’re in College, How Busting Out Your Inner Morgan Freeman Could Help Your Wallet. Gen Z is growing up, and as they’re coming of age, so is their spending power. Are you one of Gen Z’s favorite brands? Even though they’re more conservative with money than you might expect, this generation is willing to spend big under the right circumstances. 1. When it comes to money, we should all take notes on these Gen Z habits . Gen Z uses their plethora of Google resources to compare prices, styles, availability, and ratings of products to make the most educated purchase possible. Gen Z Shopping Habits. Every Gen Z stat you could ever ask for, right at your fingertips . In June 2016, we surveyed members of Gen X, Y and Z to ask them about their shopping habits and, in particular, how Gen Z’s approach might dictate the shopping culture of the future. Many of those fail. Generation Z is very different. Above all else, Gen Zs are sensible about their spending and patient with purchases. And one-third of respondents said they skipped a meal because they didn’t have enough money. After all, some Millennials were born in the 1980s, a comparative dark age when many people had dial-up. Don’t expect members of this generation to blow their hard-earned cash on products and experiences to simply show off on social media, though—Gen Zs take financial responsibility seriously. Understand them to understand your future. More than two-thirds of Gen Zs express concern about college loans, with only 11 percent planning to go into debt to pay for school. As a result, they have plans to fund their college educations that do not include getting loans. Here are some stats about Gen Z money habits that should light a fire under any credit union or community bank marketer: This year, Gen Z is predicted to make up 40% of the entire U.S. consumer base More than 40% of Gen Z are already working full-time, part-time or freelance A quarter of Gen Z has an iPhone by the time they’re 10 years old Around 100,000 people age 23 and younger had already purchased a home as of last year. Make sure you understand everything you can about fees and your financial goals. Greta Thunberg’s rise to global fame through her environmental activism is a prominent example of how Gen Z is already influencing the world. And they certainly can’t remember a time before Amazon.com, which was founded at the beginning of their generation. Future Healthy: Gen-Z is leading the way with their saving habits Ben Luthi. The more a brand can offer added value on purchases, the more attractive it will be to Gen Zs. But it'll take more than... Three Gen Z spending habits that may surprise you, $143 billion of direct spending power by as early as next year, Gen Zs take financial responsibility seriously, 100,000 people age 23 and younger had already purchased a home as of last year, 4 out of 10 Gen Zs count financial independence as the primary mark of adulthood, home ownership is a “key component of the American Dream, Gen Zs express concern about college loans, 73 percent of today’s undergraduates rely on a job or side hustle, Gen Zs say they save up for something they want, 90 percent of Gen Zs say they shop for bargains and incentives, 82 percent of Zs are more likely to buy a product if it’s environmentally friendly, shopping habits of more than 80 percent of Gen Z, When it comes to money, we should all take notes on these Gen Z habits, Vibe check: We asked Gen Z how they’re feeling about the holidays, Here’s how Gen Z’s holiday preferences are changing in 2020. Eating out at restaurants less frequently – 32% 2. Here are the three most surprising spending habits that influence when Gen Zs break out their wallets—and when they don’t. Gen Z spending habits pose risks for auto, meat and alcohol industries . Some of this could be their parents drilling them about the need to save for college and retirement. Published November 18, 2020 Updated November 18, 2020 . Comments. Do your homework. Gen Z money habits are also part of the social and global consciousness of their generation. Scott Barlow Market Strategist. Here are three surprising spending habits that drive Gen Z’s decisions around major purchases. They’re saving for retirement. In other words, many of them have never known any other method than digital to shop or bank. So retail shopping online is the norm, to them. 0. We know from our Future of Money study that Gen Z is both digitally engaged with money and also cash centric. Social Security is still a safety net, but it has not kept pace with the rising cost of living. The entrepreneur, or at least the idea of being an entrepreneur, was king. Social media influences the shopping habits of more than 80 percent of Gen Z. You see, Gen-Z — those born between 1995 and 2012 — are in middle school, high school, college, and even a … Music publisher The Brag Media has polled 4,300 Australians born since 1978 about their regular spending habits. In fact, 12% are already saving for retirement and a significant 21% of this generation of people ages 14 to 21 had a savings account before the age of ten! When you think of Gen Z vs Millennials, what do you think? Adam Zuchetti. An estimated 90% of teens are already consuming branded content on social media. Because this is the emerging generation of spenders, marketers must get a jump start on understanding this demographic and their spending habits. ‘Realistic’: Unveiling the truth behind all things. 50 percent, 64 percent of Generation Z have one, They also have plans for their savings — quite long-term plans. Thirty-four percent plan to work during retirement. Twenty percent want to avoid debt entirely. Gen Z understands deeply how money affects their lives. Many shop online. Generation Z is already planning how they will fund their retirement. First of all, Gen Z has a certain general sense of pride in owning things. They are more likely to save and less comfortable with debt. Azaria Bell talks with you about your money. In its report, “The State of Gen Z 2017: Meet the Throwback Generation,” the Center for Generational Kinetics said “the percentage of Gen Z members who are earning and spending money is about the same … Gen Z and Millennials Have Very Different Dating Habits When You Were Born Might Determine How You View Sex, Survey Says . Why TikTok is social media's new Gen Z darling . In other words, the oldest is now 21. Gen Z is defined by demographers as the follow up to millennials, which includes anyone born between 1997 and 2012. Gen Z is more inclined to work than earlier generations were. When it comes to their living situations, Gen Zs prefer to devote their budget to a place of their own instead of a monthly rent bill. In June 2016, we surveyed members of Gen X, Y and Z to ask them about their shopping habits and, in particular, how Gen Z’s approach might dictate the shopping culture of the future. The rising post-Millennial generation known as Gen Z (b. Gen Z is smarter with money than Millennials. Published November 18, 2020 Updated November 18, 2020 . Having seen firsthand how debt can destroy dreams, Gen Z has no interest in making purchases they can’t afford. Purchasing Habits. ~1997-present*) will make up 40% of consumers by 2020―and their attitude toward finances is unlike any generation before That’s the view of Daniel Bischoff, chief marketing & operations officer at RTL AdConnect, … They are digital natives in terms of their financial life. Gen Z is willing to give up social media (72%), new clothes (63%) and their cell phone (33%) if it means owning a car. By keeping yourself informed, you’ll be able to take charge of your financial future. So let’s take a closer look. Millennials are often termed digital natives. In order to understand how and why Generation Z members spend their funds, let’s take a look at how and why they buy things – and how their habits differ from millennials in that regard. GenZ's Wealth, Giving, and Financial Habits (Critical Stats Churches Should Know) In 20 years, GenZ will have over $20T in purchasing power (and giving power). While the percentage of older Americans with a savings account just cracks 50 percent, 64 percent of Generation Z have one. According to the 2018 Better Money Habits Millennial Report, 63 percent of Millennials are saving money, and 47 percent have saved $15,000 or more. Music publisher The Brag Media has polled 4,300 Australians born since 1978 about their regular spending habits. They’ve seen the potential drawbacks of start-up businesses. But it’s arguable that Generation Z are the true, dyed-in-the-wool digital natives. Gen Z is the generation of digital natives that can’t remember a time before Internet, and as such, the platform has become the foundation of their buying process. Driven by new technologies and the changing buying behaviours of younger consumers, the retail industry is undergoing a monumental transformation. What’s a yeet? They are more likely to try and limit the impact that they have on the environment. And some of the findings may surprise many businesses. They are very aware of money and its value. year on grocery spending habits found Gen Z spends the least on groceries. Born 1998 to 2010. Before they make a purchase, Gen Z will scope out online reviews to make sure whatever they plan to buy meets (or, better yet, exceeds) their expectations. Search for: About Me; Posts; Lists; Excessively Useful; About Me; Posts; Lists; Excessively Useful; The 10 Best Podcasts About Money, Personal Finance and Investing May 11, 2020 / Cody. Search for: About Me; Posts; Lists; Excessively Useful; About Me; Posts; Lists; Excessively Useful; Excessively Useful – Vol. . And some of the findings may surprise many businesses. I don’t believe this talk of investing in the dream and all that. Many families adjust their spending habits to care for a generation on the cusp of adulthood. They are at their first (or maybe second or third) job. Spending Habits Of Gen Z: They Like To Own Stuff - 02/20/2018 Gen Z has a sense of pride in ownership. Generation Z, people ages 14 to 21, have taken the “start saving early" advice to heart and are establishing themselves as a saving generation. Generation Z is coming of age in a time of huge transformation in the payment space. As a result, members of Gen Z range from ages 10 to 25. What’s more, 82% of parents say their Gen Z children influence household spending. Millennials and Gen Zers share commonalities when it comes to key social issues and even what motivates them, but Gen Z differs when it comes to their workplace expectations, habits, and identity. Toggle search field. Comments. The report found that 57% of Gen Z renters would consider buying instead of … Generation Z (GenZ) is the fastest-growing wealth base in the world. Christina Majaski. They averaged a grocery bill of $269 per month over roughly 4.5 trips through a single month Yes. Millennial, Gen Z spending habits revealed. But it’s arguable that Generation Z are the true, dyed-in-the-wool digital natives. 18 December 2019 4 minute read Share. Young millennials have saved just 15 percent more than Gen Z, but they have 169 percent more debt. Top ways Gen Z and Millennials saved money during quarantine. Gen Z will make up 40% of online consumers by next year. Gen Z understands deeply how money affects their lives. gen z money SYMO interactive Investing 4.7 • 70 Ratings; Listen on Apple Podcasts. Which group do you think is the most frugal? 10 Gen Z slang terms explained, Marketing to Gen Z in 2020: What brands should know and expect, Every Gen Z stat you could ever ask for, right at your fingertips, Why TikTok is social media's new Gen Z darling, How brands are catching Gen Z’s eye this Black Friday, Millennial vs. Gen Z Holiday Spending Predictions in 2020. 65 percent of Gen Zs say they want real value for their money. July 21, 2020 / Cody. However, recent data shows Millennials are saving money. Because Gen Z and millennials are so close in age, there are certainly similarities between the two when it comes to brand loyalty and spending money. Gen Z Personal Finance. How Does Gen Z Influence Spending? The survey of nearly 3,500 Gen-Z consumers said the monthly purchasing power of China’s Gen Z stands at $507 (RMB 3,501). For example, a recent UNiDAYS x Ad Age study revealed that 82 percent of Zs are more likely to buy a product if it’s environmentally friendly. Generation Z might be the youngest group of spenders, but they may actually be the best ones at saving. More than 4 out of 10 Gen Zs count financial independence as the primary mark of adulthood. We extend that respect to Aboriginal and Torres Strait Islander peoples who may listen to our podcast. Most retailers have focussed on the demands of millennials, but the younger Generation Z (born post 1995) have come … After all, some Millennials were born in the 1980s, a comparative … As a result, this new generation (born 1997 and onwards) is taking a much more pragmatic approach to the world of personal finance. Millennials: Choose Debit Over Credit . Generation Z is very aware that government funds will not cover their retirement completely. Student debt loads can affect the ability of young adults to save for the markers of adulthood, like a house or starting a family, or even a car. As a result, they have plans to fund their college educations that do not include getting loans. They want to have a smaller carbon footprint by saving more of what … Being one of Gen Z's favorite brands is more than just a title—it's a ticket to lifetime loyalty and $143+ billion in spending power. Twelve percent plan to use it for retirement. We know from our Future of Money study that Gen Z is both digitally engaged with money and also cash centric. They are more likely to try and limit the impact that they have on the environment. —Female respondent, 22, Salvador, state of Bahia. Gen Z & Money. They are every church's future giving base. Gen Z Eating Habits & Food Trends You Need to Know (2020) November 26, 2019. In its report, “The State of Gen Z 2017: Meet the Throwback Generation,” the Center for Generational Kinetics said “the percentage of Gen Z members who are earning and spending money is about the same … Similarly, a recent Zillow Housing Aspirations Report found that Gen Z desires to own a home, despite the fact that most of them aren’t even old enough to rent a place by themselves. The members of Gen Z, 16-22 year olds, might surprise you with their shopping habits. How Gen Z Is Confronting Their Financial Fears. Generation Z is coming of age in a time of huge transformation in the payment space. Brands that take Gen Zs’ financial literacy seriously now will continue to see their loyalty as they gain spending power. The idea that a single purchase can have a ripple effect of positive change taps into Gen Z’s sense of altruism and makes them feel like their dollars are going far. That may be one reason why more casual and athletic brands like Crocs and lululemon have … Toggle mobile menu. Generation Z, or those individuals born after the years 1995–2000 (there’s no clear consensus, studies differ), are growing in influence and spending power, … Gen Z, defined as those born after 1998, command $44 billion in buying power —nothing to scoff at, surely—but by 2020, it's projected they’ll command nearly 40 percent of all consumer shopping. Even as COVID-19 swept across the world and damaged economies along the way, Gen Z continued to shop. They have become the way of retail shopping, for many people. Whereas the older generation strived for a nomadic, no-strings-attached lifestyle, Gen Z wants to put down roots and invest in their futures. Paul Maxwell. In other words, the oldest is now 21. Just look at how they think about financing their higher education. The generation directly before them has incurred record levels of debt to fund their education. August 19, 2019. by. Thirty-eight percent plan to have a job as they attend college. They would rather work for a corporation: 36 percent want to work for a company. Gen Z spending habits pose risks for auto, meat and alcohol industries . In fact, they’re expected to wield up to $143 billion of direct spending power by as early as next year. First, a picture. If you simply are hired by a business, you get a salary and stability. Around 73 percent of today’s undergraduates rely on a job or side hustle to help pay their tuition and education-related expenses. Does Generation Z differ from their predecessors, the Millennials? Nearly one-quarter plan to use their savings for college. They are earning and spending money as adults, at least the first wave of them. The first small cohort of early Gen Z (born between 1995 and 2012) college graduates may be looking for a job. Millennials liked the thought of starting their own business. Gen Z’s belief in dialogue combines a high value for individual identity, the rejection of stereotypes, and a considerable degree of pragmatism. August 19, 2019. by. Toggle search field. As the summer comes to a close, older Gen Zers are headed to college. Source: BuzzFeed Video. Have Gen Z money habits can you learn from Gen X are saving gen z money habits. Not cover their retirement completely Experian survey, generation Z is more inclined to than! Americans with a sensible outlook on money of early Gen Z saw some the. Drawbacks of start-up businesses stock watchlist according to a close, older Gen Zers are headed college! College and retirement we are very excited about that Z differ from their millennial predecessors on Food, Happiness! ) is the most frugal have become the way with their shopping habits of more than 4 out 10. Have increasingly become the way that payments are made and checks deposited in bank accounts less –... 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