Studies have shown that both generations tend to be more conscious about their spending habits and prioritise experiences over material possessions. They also tend to shop more online and value convenience and sustainability in their purchasing decisions. Millennials and Gen Z are generally more comfortable with online shopping than older generations. They grew up with technology and are used to conducting transactions and making purchases online.
Millennials and Gen Z: Shopping patterns
For many millennials and Gen Z, online shopping is a convenient and efficient way to shop for the products and services they need. They appreciate the ability to compare prices and products from multiple retailers, as well as the convenience of having items delivered directly to their doorstep.
What do they want
They also value transparency and sustainability in the products they purchase. Additionally, they often seek out personalized and customizable options, as well as a seamless and intuitive user experience. Additionally, these younger generations often value the option to shop from a wide variety of retailers and brands, including smaller and independent businesses, which may not have brick and mortar stores.
When we talk about flexibility, these generations also want a choice in how they would like to pay online. With QisstPay’s payment stacks, we have enabled merchants to greatly expand the reach and capabilities of payment methods, making them more widely available and cater to these consumers. It's proved that when multiple payment options are offered not limited to debit and credit cards, but mobile wallets, and digital payment platforms like Paypal and Venmo, this greatly help attract and retain these younger consumers. This allows them to choose the payment option that is most convenient and secure for them and can improve their overall shopping experience. Additionally, offering flexible payment plans and financing options, such as interest-free installments or buy now, pay later options, can also appeal to these generations who may be on a budget or looking for ways to manage their spending.