For most consumers, having a credit card is a necessity, but not for Millennials and Generation Z.
Last week we went through some online spending habits of Generation Z, but let’s take a deeper look into how they shop and what sets them apart from Millennials and past generations.
By 2020, Generation Z (those born between 1995 and 2015, roughly), will be the largest group of consumers worldwide, making up 40% of the US, Europe and BRIC (Brazil, Russia, India and Mainland China) countries, and 10% in the rest of the world.
For most consumers, having a credit card is a necessity, but not millennials. Many millennials do not have or even want one; 63% of millennials do not own a credit card. This could be a problem when they want to make a large purchase. Luckily for merchants and millennials, alternative payments can be a solution to this problem. Alternative payments give millennials multiple options on how they are able to make purchases. An attractive alternative payment for millennials is Affirm, which offers simple, instant financing at checkout with the flexibility of monthly payments. They offer transparent pricing with no late fees or compounding interest. If you are trying to attract more millennials and create more sales, consider offering alternative payment options like Affirm at your checkout.