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And it鈥檚 already making a splash, gaining popularity among millennials and Gen Zers. Apple is also rolling out its BNPL offering Apple Pay Later. The solution is currently on an invite-only basis, but we expect a full launch this summer. Digging deeper: Read our report on Apple Pay Later to discover how BNPL users may greet Apple鈥檚 upcoming product.

Fetch CEO: Gen Z, millennials use rewards programs to afford 鈥榣ittle treat鈥� culture. US beauty shoppers turn to websites, not department stores, when researching products.

Influencers were the preferred shoppable livestream hosts among Gen Z and millennial viewers, per Coresight Research鈥攁nd influencer marketing costs are rising. With so many retail solutions to choose from, brands must be strategic about where to invest, especially in a challenging economic environment.

Young adults ages 18 to 24 are more likely to use Instagram (67%) or TikTok (62%) than Google (61%) when searching for local businesses, according to December 2023 data from SOCi. This fact isn鈥檛 lost on Google, Mitchell-Wolf noted, which has taken an 鈥渋f you can鈥檛 beat 鈥榚m, join 鈥榚m鈥� approach and started surfacing more UGC from social platforms.

Nearly 80% of Gen Z women and 61% of millennial women rank creators as their most trusted source for beauty recommendations. Over eight in 10 (83% of) Gen Z women shop for creators鈥� beauty and personal care recommendations online, and 82% shop for those items offline.

Plus, 54% of Gen Zers are interested in AI-enabled banking services, and more than one in three Gen Z and millennial investors said they would have more trust in a financial advisor if they used AI to inform their recommendations and counseling. These particular improvements could help FIs build stronger relationships with young, digital-native investors.

Thirty-two percent of Gen Z consumers have purchased a new product/brand they learned about from a social media influencer; the same is true of 26% of millennials. It facilitates a performance-based payment model, incentivizing high-quality content. The program also aligns with modern marketing trends favoring authentic content.

In 2023, there will be more adult Gen Zers than adolescents for the first time鈥攁bout half the size of the millennial population. By 2025, almost two-fifths (37.1%) of Gen Z will own life insurance, exceeding growth rates of preceding age cohorts. Yet Gen Zers are uncertain about buying life insurance.

So it's people who are born on the cusp of Gen Z and millennial, and so they're called zillennials. Marcus Johnson:. No. We're not taking any Gen Z. I already think that young millennials are the worst people. We're not adopting any Gen Z folks. Absolutely not. Jasmine Enberg:. What's wrong with the young millennials? Marcus Johnson:. They're the worst. Jasmine Enberg:.

The number of Gen Z BNPL users will grow by around 64% from 2023 through 2027 to nearly match millennial users. BNPL鈥檚 digital-first user experience and app-based shopping options are a natural fit for these digital natives鈥� lifestyles. And younger consumers鈥攚ho have less discretionary income on average than older generations do鈥攃an tap BNPL as a budgeting tool.

This level of adoption will be driven by Gen Z and younger millennial buyers. Resale platform Poshmark claims that 90% of US millennial females are registered users, but it is also the most popular fashion resale platform among US Gen Z adults, per Morning Consult. The community-oriented platform Depop, which was acquired by Etsy in 2021, reports that 90% of its active users are under the age of 26.

鈥淲hen we look at our customers, specifically millennial or Gen Z customers, they are the most diverse generation in our history,鈥� said Babcock. 鈥淎nd Spanish-language audiences are becoming more and more important to our suppliers.鈥�. By combining The Home Depot鈥檚 customer data with Univision鈥檚 audience, advertisers can scale their campaigns outside of the retail environment.

Gen Zers and millennials are becoming B2B buyers. These generations are getting older and taking on more decision-making in the B2B buying process. People ages 25 to 34 make up nearly a quarter of US TikTok users in 2024, a higher share than any other age range.

While a majority (56%) of US consumers are fine with waiting a few days for their online shopping orders, Gen Zers and millennials are more likely to expect next-day and same-day delivery options, according to McKinsey. Amazon and Walmart鈥攖he two largest US ecommerce companies in 2023, per our forecast鈥攈ave both worked to speed up their delivery times by building out their fulfillment networks. 5.

Note: It wasn鈥檛 until 2020 that Gen Z overtook millennials as Snapchat鈥檚 core audience, per our forecast. That鈥檚 because in 2011, when Snapchat launched, the oldest members of Gen Z were just 14 years old. The youngest members weren鈥檛 even born yet. TikTok will surpass 100 million monthly users in 2023.

Generational respondents were broken out into Gen Z (19% 1997-2005), Millennials (34% 1981-1996), Gen X (35% 1965-1980) and Boomers (12% 1959-1964).

That figure is much higher for younger generations: 60% among Gen Zers and 56% among millennials, up about 10 percentage points each from last year. While many will use social media to visit retailers鈥� pages, more consumers than ever plan to look at influencer reviews for holiday shopping inspiration. More like this:. Report: Retail Loyalty Programs.

Purposeful branding is important in building trust with Gen Z and millennial buyers, and some will even pay more for purchases from purpose-driven companies. 5. Personalized, targeted content will be imperative.

However, just 15% of Gen Zers say the same today. 57% of students feel sad or hopeless most of the time, which is up from 36% of millennials when they were in school. This translates into the most formidable emotional spending habit of any generation鈥攕omething 59% of Gen Zers admit they struggle with. Gen Zers have also taken to Buy Now Pay Later (BNPL), which makes emotional spending even easier.

Positioning itself closer to environmental initiatives should bolster Klarna鈥檚 brand and win favor with shoppers, especially Gen Zers and millennials. Klarna also updated its CO2e tracker to include information on the emissions from nearly 93 million products, including raw material extraction, processing, and delivery.

Twenty-nine percent of Gen Zers and 32% of millennials believe their financial situation could lead to homelessness鈥攖hree times more than older respondents, per a February 2024 Opinium Research survey commissioned by Acorns. Instead of traditional loans, they鈥檙e taking what they think is the faster, easier route: BNPL. Consumers under the age of 35 comprise 48% of BNPL users, per our forecast.