LONDON–A new survey of Zoomers’ in 13 countries spotlights how the world’s youngest and most digitally-adept consumers are “forcing change to decades-old business practices,” according to a new analysis.
The survey, conducted by Thunes, a global B2B payments platform, sought feedback from 6,500 people between the ages of 16 and 24, known as Gen Z, or Zoomers.
“To achieve growth and success past 2030, businesses must start to understand the living, shopping, and financial habits of Gen Z or Zoomers now - and accept that they are very different from previous generations,” stated Thunes in releasing its findings. “This demographic, who never knew life without the Internet and smartphones, currently represents the largest population group on earth. Members of this age group account for almost 2.5 billion people, surpassing Millennials in 2019.”
Among the results drawn from the Future of Spending survey:
- Social Media. “Gen Z is influenced by social media more than any other generation. Eight out of 10 said they use social media on multiple occasions throughout the day. Three-quarters of Zoomers also check in multiple times each day in emerging markets, with two-thirds stating that they have purchased products they first discovered online. Not only is social media where Gen Z spend their money but increasingly where they are making it too, with a growing range of content monetization options offered by TikTok, YouTube, Patreon, Clubhouse, and Twitch.”
- Mobile Wallets and Money Management. “Gen Z has little enthusiasm for traditional financial products - be it bank accounts or credit cards. 62% of Gen Z’s don’t have any bank account at all. Mobile wallets are however growing rapidly and in some emerging markets, almost 50% of Zoomers now use this type of account.”
- Shopping. “Zoomers spend a slightly larger proportion (19%) of their money online shopping than they do on socializing, eating out, and entertainment - this is the case in developed and emerging markets,” according to Thunes’ analysis.
- Cash Is Down, But Not Out. “About a quarter of Zoomers in western markets almost never use cash. Physical currency remains important in offline spend in emerging markets, but its influence is in decline. This is not surprising given the choice and accessibility of digital tools.”
- Focus on Brand and UX. One of the most important drivers for Zoomers considering purchase and payment methods is brand trust - it became the #1 factor for choosing a primary payment method in 7 countries. This is the case in Western and emerging markets. User experience was identified as the second most popular factor, which, in an online world, affects loyalty too.”
Mobile Wallet Growth
Thunes said the survey and its own data show 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, the major telecoms providers have offered similar digital payments solutions.
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