Understanding and reaching Generation Z, made up of young people between the ages of 13 and 24, can be a challenge, as they follow trends in their lifestyle, including with regard to consumption
This age group is constantly evolving, as revealed in a comprehensive study conducted by NG.CASH, involving more than one million participants of this generation.
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During the first three months of this year, PIX has emerged as the top payment choice for Gen Z, covering a remarkable 49% of preferences, demonstrating a 12% increase over the same time period of the year past.
At the same time, the credit card maintained its relevance, corresponding to just over 40% of transactions carried out by young people in this generational group during this period.
Generation Z is engaged with new technologies and is willing to adopt more agile and convenient payment methods. O PIX, with its practicality and speed, gained popularity among these young consumers, representing an important opportunity for companies that wish to conquer this market share.
Understanding the ever-evolving trends within this group is critical for companies that want to target their sales strategies to Gen Z. The flexibility to adapt to new forms of payment and being aware of changing preferences are key factors in achieving success in today's market.
As Gen Z continues to shape the consumer landscape, companies must stay up-to-date on preferences and behaviors of this group to offer products and services that meet their constant demands evolution.
Keeping up with trends and changes in the payments landscape is crucial to achieving success in this highly competitive market.
The important relationship with technologies
The study cited above also revealed a significant trend: a 12% increase in Gen Z income during the first quarter, compared to the same period a year ago.
These young people are committed to seeking opportunities to enrich themselves from an early age, as indicated by surveys carried out by the company. Personal undertakings, use of social networks (such as influencers, YouTubers or Streamers), investments and work as sales assistants are some of the main sources of earnings explored by this generation dynamics.
With a greater availability of money, Generation Z tends to spend more, mainly on services rather than consumer goods. In the first three months of this year, some brands stood out among young people. Free Fire and Roblox games took the top two spots, followed by transportation and food services.
In the competition between iFood and Rappi, the iFood was the clear winner, being preferred by 91% of participants, while only 9% preferred Rappi. On social media, the Spotify and the YouTube it was the platforms that received the most spend from Gen Z in that period, at 35% and 32%, respectively.
As for streaming services, the Netflix continues to lead spending, with a 62% share. However, compared to 2022, Netflix has gained a significant share over services from Amazon and HBO.
While Amazon Prime is still the service most used by consumers, Gen Z spends most of their money on Netflix due to its higher price, according to NG.CASH.
