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Why the Market Is in Hot Pursuit of Gen Z

·2 min read

ROCKVILLE Md., July 14, 2022 /PRNewswire/ -- According to new Packaged Facts report Gen Z and Payments: The Next Big Cohort is Here, Gen Z is not as wealthy now as its members will be in their 40s and 50s. Currently, they are the standard bearers for the services and products required from financial technology (fintech) firms, as well as traditional financial institutions.

Packaged Facts Logo. (PRNewsFoto/Packaged Facts)
Packaged Facts Logo. (PRNewsFoto/Packaged Facts)

The payment preferences they develop now will inform their choices of products and providers for years to come. Of course, those preferences will morph over time, but the selections they make now will have coattails and inform their future decisions while also swaying the payment choice of older cohorts and becoming the baseline for Gen Alpha (the generation younger than Gen Z).

The dynamism of the payments industry is reflected in the constant tweaking of long-established products and the introduction of new ones that are constructed from the ground up with seemingly few ties to previous iterations. It is a tension between gaining market share with entrenched products and creating brand new product types that create and tap new consumer demands.

Payments Are a Key Product for Building a Relationship with Gen Z

As the youngest generation able to secure credit cards, Generation Z are understood to be financial trendsetters and influencers of product ownership and purchasing methods. Their emerging preferences are chased by product developers and marketers for both traditional financial institutions and financial technology (fintech) firms alike. They are also the generational cohort targeted by billions of dollars of private capital investments.

Fintechs, Big Banks and Big Tech All Want Gen Z

In 2021, global fintech investments reached $210 billion and, among the fintech subsectors, payments is the largest at $51.7 billion in investments in 2021 – up from $29.1 billion in 2020. The money is following companies capitalizing on trends and developments, including BNPL, embedded banking, and open banking aligned solutions.

About Packaged Facts

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, the food and beverage market, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

For more essential insights from Packaged Facts be sure to follow us on Twitter (@packaged_facts), LinkedIn, and YouTube.

Media Contact: cgangloff@marketresearch.com

Press Contact:
Corinne Gangloff
+1 440.842.2400

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SOURCE Packaged Facts