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Young people use less and less cash to pay for their purchases

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Young people use less and less cash to pay for their purchases

Millennials have been the obsession of companies in recent years, the element they want to know everything about and the group of consumers who want to know in detail in order to understand what motivates them and what is behind their decisions of consumption. Knowing everything and understanding everything is not easy. If marketers have been discovering something in recent years, it is that millennials are a complicated group, one that has changed things a lot and one for whom they have had to learn everything all over again.

It’s not the only element millennials bring to the table, and it’s not the only one on the list of what they do and how they do it that makes things difficult.  usa mobile directory  are complex and break with everything that has been done so far, but at the same time their changes, their customs and their shopping habits do not become the norm for generations to come. For members of Gen Z, the important things may be different and the habits of millennials do not necessarily have to be those that are preferred for them.

But, to further curl the curl, millennials and their shopping habits and preferences, as much as they may not be inherited by their little siblings, do have a significant cross-cutting impact on other consumer groups. What millennials do, say, and prefer is changing how they sell, what is important to businesses, and how they engage with consumers. It is their beliefs and their value systems that are impacting corporate strategies.

Therefore, knowing how millennials shop is important. A Cassandra study for Snap has studied the shopping habits of younger consumers. In the analysis carried out in AdWeek of the results, they point out that it is a vision of the purchasing habits of millennials, but given the range of consumers that the study’s sample range addresses, it could be said that it is a much more vision complex.

The study looks at the spending habits of shoppers between the ages of 18 and 34, making it more likely to be among younger millennials and older Gen Z members. Therefore, the study allows us to understand how younger consumers, young adults who are entering the consumer market en masse and who will be the big buyers of tomorrow buy and buy.

And these consumers are mostly tech shoppers, but also somewhat paradoxical shoppers, in a way that makes sense within the generation but can be difficult for older shoppers to understand.

They fit a budget but they put the whims
Thus, these young consumers are very concerned about savings and not overspending. 52% of these consumers follow a specific budget and adjusted in their monthly expenses.

But, even if they have a tight budget and even if they are clear about where they can go, in these spending guidelines they are also very clear that they have to enter certain elements and certain issues. These consumers spend large amounts on average on clothing, health and sports products and eating out.

Of course, this inclusion of these three areas in buying habits is much higher than that of the older groups.

A generation without cash
It not only changes what is important to consume, but also the way in which things are paid. Most consumers in this demographic prefer to pay by card rather than cash.

73% prefer to use a debit or credit card. 34% of these young people only carry between 1 and 24 dollars on average in their wallets, which they use to pay for specific types of business. 63% pay for fast food, 53% for restaurants and 51% for food in supermarkets.

The growing weight of “mobile” as a payment method
Mobile payments are also starting to have a  usa mobile directory  prominent position. 21% use mobile payment systems to buy coffee or tea and 8% to pay in fast food restaurants. As they point out in the study’s conclusions, Apple Pay or Google Pay are therefore used by young consumers.

So much so that, as Amy Moussavi, responsible for consumer insights at Snap, explains, these shoppers “are increasingly comfortable with mobile commerce and mobile payments,” which modifies how stores and points of sale should act, at the same time who continue to “love their experiences in person.”

87% use their mobile phones to go shopping, of which 83% directly implies buying and 94% processes of comparing prices and products before buying anything.

 

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