Thunes releases study of Gen Z spending habits and insights for business

Tuesday 5 April 2022 10:42 CET | News

Thunes has suggested in its study that businesses must understand the living, shopping, and habits of Zoomers in order to achieve growth and success.

This demographic, who never knew life without the internet and smartphones, currently represents the largest population group on earth, according to the press release. That’s why Thunes conducted a global study of Zoomers to get insight into their shopping, social, and payment preferences. It interviewed 6,500 people between the ages of 16 and 24 from 13 developed and emerging countries around the world.

An important aspect of the survey is that mobile wallets are gaining traction, particularly in emerging markets where bank accounts have been historically difficult to access and financial exclusion is widespread. Mobile providers have led a digital payments revolution in Asia, while in Africa, telecom providers have offered similar digital payments solutions.

Highlights of Thunes’ Gen Z: The Future of Spending survey, revealed that two thirds of Zoomers have purchased products they first discovered online. This demographic also has little enthusiasm for traditional financial products, with 50% of those surveyed in emerging markets using mobile wallets. Gen Z also spends a larger portion (19%) of their money on online shopping than they do on socialising, eating out, and entertainment. About a quarter of those surveyed almost never use cash, and one of the most important drivers for Zoomers when considering purchase and payment methods is brand trust.

As the world moves online, social media, content, entertainment platforms, payment providers, and consumer brands looking to capitalise on Zoomers and their online spending habits must consider all the factors above. Gen Z will be influenced first, not by price or even range or scarcity, but by their social circles, brand engagement online, and trendy, convenient, trustworthy payment options, according to the study. Thunes representatives also mentioned that failure to recognise the imminent influence of the digitally native Zoomer could result in a once perfectly shoppable brand witnessing slipping sales.

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Keywords: survey, Thunes, mobile payments, digital wallet, financial inclusion, growth markets
Categories: Payments & Commerce
Companies: Thunes
Countries: World
This article is part of category

Payments & Commerce


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