Understanding and reaching out to 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 shown in a comprehensive study by NG.CASH, which included more than 1 million participants of this generation.
During the first three months of this year, PIX emerged as the top payment option for Gen Z, with 49% of preferences, showing a 12% increase compared to the same time frame last year.
At the same time, the credit card has maintained its importance, corresponding to just over 40% of the transactions carried out by young people in this generational group during this period.
Generation Z is dealing with new technologies and is ready to adopt more flexible and convenient payment methods. PIX, through its practicality and speed, has gained popularity among these young consumers, representing an important opportunity for companies wishing to conquer this market share.
Understanding the ever-evolving trends within this group is critical for companies that want to direct their sales strategies into Gen Z. Flexibility to adapt to new forms of payment and awareness of changing preferences are key factors in achieving success in today’s marketplace.
As Generation Z continues to shape the consumer landscape, companies must keep pace with the preferences and behaviors of this group to deliver products and services that meet their ever-growing demands.
Keeping abreast of trends and changes in the payments landscape is critical to achieving success in this highly competitive market.
The important relationship with technologies
The aforementioned study also revealed a big trend: a 12% increase in Gen Z income during the first quarter, compared to the same period last year.
These young people are committed to looking for opportunities to enrich themselves from an early age, as evidenced by surveys conducted by the company. Personal projects, use of social networks (such as influencers, YouTubers, or Streamers), investments, and working as sales assistants are some of the major sources of earnings that this dynamic generation is exploring.
With more money available, Generation Z tends to spend more, primarily on services rather than consumer goods. In the first three months of this year, some brands have stood out among young people. Free Fire and Roblox games took the first and second places, followed by transportation and food services.
In the competition between iFood and Rappi, iFood was the clear winner, favored by 91% of respondents, while only 9% preferred Rappi. On social media, Spotify and YouTube were the two top spending platforms of Gen Z during this period, at 35% and 32%, respectively.
For streaming services, Netflix continues to lead spending with a 62% share. However, compared to 2022, Netflix gained a large share of Amazon and HBO services.
While Amazon Prime is still the most used service by consumers, Gen Z spend most of their money on Netflix due to its higher price, according to NG.CASH.
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