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And they鈥檙e more likely than Gen Xers or baby boomers to make purchases via social media, according to our survey. Limited acceptance of payment methods for social commerce purchases could be holding users back. Buyers are using a smaller range of payment methods for social commerce purchases than for traditional ecommerce. But this is likely due to limited acceptance鈥攏ot consumer preference.

Only 39% of boomers use an AI-powered voice assistant daily, per ThinkNow Research, compared with 70% of millennials and 51% of Gen Zers. 33% of smartphone owners between the ages of 18 and 34 use or would use a voice assistant, per YouGov, compared with just 20% of those over 55.

The 20.1% adoption rate among boomers is particularly noteworthy for a new technology, indicating a broad-based adoption trend. A notable gender gap exists, particularly among younger users. Gen Z shows the highest gender gap in terms of AI usage.

The trend: Credit unions face a demographic challenge: Their average customer age is 53, and baby boomers now account for 39% of their members鈥攁n 11-point increase since 2015, per PYMNTS. How we got here: Many younger consumers default to the FIs used by their parents.

In the UK, 68% of Gen Zers shopped on social media in the past year, compared with 54% of millennials, 33% of Gen Xers, and 12% of baby boomers, per Adyen. Globally, Gen Zers are twice as likely as the general population to discover and buy new products on social media, per an October鈥揘ovember 2023 survey by Capgemini Research Institute. Millennials are also turning to social for product inspiration.

What this means for banks: Baby boomers are willing to go digital when there鈥檚 added utility for switching over. That means the more user-friendly and useful (for their specific needs) FIs make their mobile banking platform, the more baby boomers could migrate over. Improving apps for baby boomers鈥� accessibility will benefit other users鈥� experiences as well.

Gen Zers and millennials are far more likely to compare prices for medications and medical services than Gen Xers and baby boomers. This shift in buying behavior is driven by consumers bearing more responsibility for their healthcare costs. While high-deductible health plans (HDHPs) were meant to reduce spending, they require upfront spending on medical care before plan payments kick in.

Cyclical trends, such as millennials having children and buying houses, baby boomers aging in place, and consumers tapping into home equity for improvements, could accelerate that growth. Lowe鈥檚 also mapped its long-term blueprint to drive growth and gain share. It includes:. Expand its physical footprint: Lowe鈥檚 plans to open 10 to 15 stores per year, which would help build its customer base.

BNPL growth is particularly slow for millennials, who have reached a point of saturation, and baby boomers, whose use is decreasing as population decreases. What it means: Retailers who want to encourage Gen Z shopping should make sure BNPL options are offered not only online but also seamlessly at in-store checkout. As card-linked BNPL offerings gain popularity, use in-store may become more common.

Well, okay, so we have Baby Boomers about it's 58% said that they didn't know if they had seen any AI-generated ads. And then Gen Xers, that went down to 48%. Millennials, that went down to 37% and then Gen Z, unsurprisingly had the lowest percentage of respondents answering that they didn't know at 31%.

Baby boomers鈥� grew by 1.6%. Why this matters: Concerns about credit card debt are not unique to Gen Z. US credit card debt topped a record $1.17 trillion in Q3 2024. And delinquency rates remain elevated: The 30-day delinquency rate fell from 9.1% in Q2 to 8.8% in Q3 2024, per the Federal Reserve鈥攆ar above prepandemic levels.

Transfers from baby boomers will account for 63% of the total amount of money moved in the Great Wealth Transfer, making their millennial children the biggest beneficiaries of this event, per 2022 Cerulli Associates estimates (the latest available data).

Afterpay attracted users across all demographics: 26% were Gen Zers, 44% were millennials, 24% were Gen Xers, and 6% were boomers. The top spending categories outside of fashion and beauty were personal care, followed by household supplies. And the fastest growing category was vitamins and supplements. Cash App Card. Cash App Card transactions grew 19% YoY over the holiday period.

Millennials believe they need $180,900鈥攍ess than any other generation except boomers. However, 69% feel that financial success is harder to achieve today, topping all generations. How we got here: Many young consumers experience 鈥渕oney dysmorphia鈥濃�攁 sense of financial insecurity fueled by social media. 48% of Gen Z and 59% of millennials feel financially behind.