Generation Z is the most educated and yet pessimistic about the future. At the same time, populist parties have much support among young voters. Do they find an answer to their discouraging socio-economic situation in populist appeals? In this article, we analyse how pessimistic economic expectations shape the preference for populist parties among the young in Spain. By using conjoint experiments, we explore which specific features of populist parties (‘thin’ or ‘thick’ characteristics) are decisive in attracting young and pessimistic voters. Unlike older generations, for whom immigration is the most relevant factor, Generation Z, especially the pessimistic, focuses more on the thin ideological elements of populism. This finding contradicts previous experimental studies, which argue that thin populist characteristics are irrelevant in explaining the general population’s voting behaviour. Ideology plays a significant mediating role, as young pessimists on the left tend to be attracted by anti-elitism, while those on the centre-right by people-centrism.