Research carried out by Ita Unibanco pointed out that young people born between 1995 and 2010 have a greater affinity with online shopping
Ita Unibanco carried out a survey to understand how young people born between 1995 and 2010, known as generation Z, choose to spend money. According to the survey, the largest concentration of spending is around transport by apps, markets and fast food.
Furthermore, it is the generation that buys the most online and, compared to the population average, uses Pix. Another fact that was shown by the analysis was the increase in spending by this part of the population on job sites.
The Ita study analyzed purchases made with credit cards and transactions via Pix made from CPF to CNPJ, considering the months of January and February 2023 and making comparisons with the same period of 2022.
The results showed a 30% increase in purchases made with a credit card from one year to the next, making it the generation that made the most progress in the period. The average transaction ticket is even lower, around R$108 (considering all generations, the average value of purchases is R$168).
Looking only at Pix, which in the survey considered only those that constitute a commercial transaction (from CPF to CNPJ), the growth rates are higher. In the first two months of 2023, the advance of the method was 83% in transactional value and 153% in the number of transactions, with an average ticket of BRL 147.
Young people tend to adopt new things quickly and this has not been different in the payments sector. And, we see a relevant evolution space as this generation starts to have a higher consumption power and expanded life needs. Despite still representing the smallest portion among all generations, young people from generation Z are an increasingly important slice, which will lead the way the market transforms itself in the coming years, said Mario Miguel, Director of Cards and Payments at Ita Unibanco.
Where does Gen Z money go?
According to research by Ita, transactions in transport applications led credit card consumption in generation Z, representing 14% of all transactions carried out, followed by markets with 11%, fast food with 9%, convenience stores with 5% and gas stations also with 5%.
Among the branches that grew the most in comparison with last year are two theoretically opposite segments.
The survey showed that purchases of electronic games and video game devices grew 519% between 2022 and 2023 (considering the first two months of the year), followed by spending on job sites, including LinkedIn subscriptions, which advanced 403% in the period.
Online and close-in shopping
According to the survey, the high level of intimacy with the digital universe is reflected in greater adherence to online shopping and new payment technologies.
Considering credit card transactions, Generation Z showed a greater affinity with contactless purchases (38%) and a certain preference for online purchases (36%).
Adding purchases made with cards to those made via Pix, the survey identified that younger people have greater adherence to instant payment. In the first two months of 2023, Pix represented 37% of purchases and credit 63% considering all transactions, these numbers are 18% and 82%, respectively.
In addition, generation Z also had an important advance compared to 2022, when Pix represented 23% of purchases, and credit, 77%.
