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Additionally, these values are strongest among younger cohorts, such as millennials and Gen Z, which are the most targeted generations in the financial industry. Additionally, some studies show that banks with increased gender diversity tend to perform better. Morningstar鈥檚 report found a positive correlation between female executive team composition and banks鈥� credit ratings.

Gen Zers and millennials are particularly demanding when it comes to personalization. For online shoppers ages 18 to 42, personalized product recommendations are a bigger priority than frictionless payments, per Klarna. Baby boomers are still focused on the in-store experience.

Add open banking to the equation: These results show that customers leave accounts open while investing elsewhere for better rates鈥攂ut that may not still be the case when the US moves to a more open banking system. 73% of customers using open banking services are willing to switch providers if there are better services available elsewhere. 36% of millennials and 24% of Gen Z would be 鈥渧ery鈥� or 鈥渆xtremely

And 28% of millennials expressed discontent, along with 33% of Gen X and 25% of baby boomers and seniors. More tweaks to credit card rewards programs will likely be around the corner to mitigate this issue and boost customer satisfaction. But issuers like American Express will need to ensure the changes aren鈥檛 too costly and are in line with what consumers actually want.

A tie-in with Buddy, a personal finance app that targets Gen Zers and millennials, builds out Klarna鈥檚 open banking business. And agreements with Citcon and Ingenico can boost Klarna鈥檚 use at digital and in-store checkouts. Klarna hails AI: The company wants everyone to know that it's embracing AI.

She's not a kid, she's not a Millennial, but she's really tapping into Millennial and Gen Z culture through social media in a way that other candidates haven't since probably Obama. Marcus Johnson (10:37):. Yeah. I mean it's a 20-year gap between Trump-Biden age and Kamala. Paul Verna (10:37):. Right. Jasmine Enberg (10:42):. Yeah. And I mean I would agree with all of that.

Brands can play into memories of cartoons and toys that Gen Z and millennial consumers enjoyed in their youth. Companies like Mattel have created movies and shows around their toy brands to engage a broader audience. The 鈥淏arbie鈥� film reignited interest in the brand, and has even sparked a 鈥渨eird Barbie鈥� trend on TikTok, where people show off their botched dolls from childhood. 2.

That means brand marketers need to find a way to stand out, either through encouraging organic interactions or shaking up the very millennial, Facebook-like voice common on the platform right now. 3. Threads uses the same terms of service as Instagram. Assume the rules you abide by when posting content and working with creators on Instagram holds true for Threads.

As a result, 61% believe they won鈥檛 be able to achieve their dream retirements, compared with less than half of millennials and 53% of baby boomers who haven鈥檛 already retired. And while Gen Xers expect to benefit from the wealth transfer, their debts and expenses may mean they net very little from inheritance, per NBC. What do they need?

The disconnect: Here are the features Gen Zers prioritize when evaluating financial institutions (FIs):. 25% want their CU to offer Zelle, but over 40% of CUs surveyed have no plans to offer it by 2030. 20% of Gen Zers want their FI to debit cards tailored to young adults and teens, but a whopping 85% of CUs have no plans to offer such cards by 2030. 34% want their CUs to offer a mobile credit card app,

The context: Shein has a dominant (40%) share of the US fast-fashion market thanks to its vast assortment of low-priced apparel that appeals to Gen Z and millennial shoppers, per Bloomberg. Despite its success, the company has significant challenges.

In each of these cases, Gen Zers and millennials are driving growth. Tap-and-pay has become the preferred way to pay in-store. US contactless payments comprise almost 50% of all face-to-face transactions, per Visa. They have gained significant share among small-dollar transactions once ruled by cash. Proximity mobile payment transaction value will nearly double from 2024 to 2028.

Gen Z buyers are more than twice as likely to make a purchase on TikTok Shop compared with millennials. 2. Consumer behavior and marketplace preferences. 鈥淐onsumers are spending strategically,鈥� Canaves said.

Gen Z and millennial respondents found significantly more value in debit card rewards than their older counterparts did, and what they buy differs widely, too. For example, in the US, consumers below the age of 25 spent about 16% more on apparel and services than 57- to 75-year-olds did last year, per the World Economic Forum.

Gen Zers are similar to millennial consumers with family and value being top priorities. The three main life stages of Gen Z consumers include studying, working, and parenting. Here鈥檚 how brands can best connect with this emerging consumer base:. Gen Z students are in a transitional stage and budget conscious.

In a PYMNTS and Entersekt study, millennials and high earners prioritize data security over convenience. The CFPB鈥檚 crackdown on so-called junk fees highlights the negative impact these practices have on consumer trust.

But Reels remains a place primarily for millennials and older generations to watch repurposed TikToks鈥攐r it鈥檚 at least perceived that way by Gen Z. And a lot of original Reels content plays on trends started on TikTok. The catch: Gen Zers aren鈥檛 sold on Threads or text-based social media, according to our new 鈥淯S Gen Z social media survey.鈥�

We鈥檙e at an inflection point in history where, per eMarketer鈥檚 forecast, the average person spends close to 5 hours per day on their phone (for millennials and Gen Z, that number is even higher). Yet sifting through the tsunami of content has become a daunting, never-ending search-and-sort ordeal. As such, the challenge for media companies, publishers, and app and game developers just got harder.

This is not quite on par with millennials, but it provides a runway for banks to grow their portfolios with this generation. Banks should focus on giving Gen Z a financial foundation to access other forms of credit, like mortgages: Many Gen Zers believe they will never own a home because they can鈥檛 save for a down payment.

Why it matters: Creators have become a mainstay in brands鈥� social commerce strategies, particularly those targeting Gen Z and millennials. TikTok is a major driver of both new social commerce sales and buyer growth in 2023, per our latest forecast. US social commerce sales will grow over three times as fast as total ecommerce sales this year, reaching $68.92 billion.

Millennials and Gen Zers are becoming more dominant in the B2B buying process, expecting digital-first experiences that mirror their B2C journeys, according to our 鈥淏2B Marketing Trends to Watch for 2023鈥� report. Digital formats will account for nearly half (47.0%) of US B2B ad spend, which will reach $35.02 billion this year, per our forecast. Use this chart:.

Among both Gen Zers (ages 18 to 25) and millennials (ages 26 to 41), the share is closer to 90%. But those cohorts are also most likely to spend on nonessential goods such as apparel and accessories. Gen Zers do more of their shopping online and via mobile apps, making them a natural fit for Temu and Shein. But Chinese firms also face rising scrutiny from US lawmakers and regulators.

The respondent base was 13% Gen Z, 52% Millennials, 22% Gen X, and 13% Baby Boomers. In addition, 332 US consumer brand marketers were surveyed during August 15-September 21, 2022. Respondents indicated that they are professionally aware of the metaverse, and can answer questions about their organization's digital marketing/advertising, analytics, website, ecommerce, CX, or customer data.

Luxury sales will rise between 3% and 8% next year, per a report by Bain and Altagamma, driven by strong spending from millennials and Gen Zs. Grocery dollar sales will rise as a function of inflationary price increases, although many consumers will turn to private labels, discount grocers, and buy less overall to save money.

Why it works: Like Mattel with the 鈥淏arbie鈥� movie or Forever 21鈥檚 Juicy Couture line, the campaign appeals to consumers鈥� sense of nostalgia (particularly millennials, who plan to spend more than every other generation this holiday season, per PwC).