Afterpay research reveals 60% of Gen Zs predict a metaverse takeover
Afterpay released its ‘Gen Z: Shaping the Future of Shopping’ report, which explores how the next generation is approaching shopping in today’s climate. According to the report, sustainability and emerging tech platforms inform the next generation of consumer spending habits and purchasing decisions.
“Gen Zs have a complex set of values. They care deeply about the environment and want brands to move with purpose. However, they’re also seeking brands who can provide more seamless and convenient ways to shop through technology,” says Ryann Carruthers, general manager, Afterpay Canada. “The data suggests it’s complicated, and there is a disconnect between how Gen Z acts and how they feel — businesses need to recognize this disparity.”
These key findings, broken down into three macro themes, are the result of a nationally representative survey of over 500 adults across Canada.
INTO THE METAVERSE
- More than half of Canadians believe the metaverse will be part of everyday life within 10 years. This number grows to six in 10 for Gen Zs and seven in 10 for Millennials.
- Six in 10 Canadians are interested in buying real-world items in the metaverse. This rises to seven in 10 for Gen Z and almost eight in 10 for Millennials.
OMNICHANNEL OR NOTHING
- 57 per cent of Gen Zs and 50 per cent of Millennials have voice-shopped in the last 12 months.
- 25 per cent of Gen Zs have abandoned a brand because their preferred payment method was unavailable. Forty per cent of Gen Zs are also likely to abandon because of a lack of reviews and 21 per cent for a poor reputation for sustainability.
- 47 per cent of BNPL users prefer Afterpay when compared to other BNPL platforms.
- 72 per cent of Gen Z Canadians shop sustainably where possible.
- Over one in five young consumers have stopped buying from a brand for sustainability reasons.
- Over 50 per cent of Canadian Gen Zs have actively researched a brand’s sustainability.
Given these insights, retailers looking to connect with this leading consumer group should explore value-seeking solutions such as BNPL and leverage it as a marketing channel to acquire new customers. Afterpay expects the spending power of Gen Z and Millennials to grow by 48 per cent by 2030. These groups are Afterpay’s core demographic of consumers who are also high-intent shoppers. Currently, 39 per cent of this demographic believe BNPL is an effective way to deal with rising consumer prices.
For more Gen Z and Millennial insights by Afterpay, download the full report.