How do millennials prefer to pay? And the generation Z?

A lot has been written about millennials, also called generation Y. They are those young people born between 1981 and 1993, who have grown up with technological changes and the popularization of the internet. And it‘s precisely because of this technological exhibition that has led them to have very specific characteristics as consumers and the most digital preferences when paying.

However, against all odds, the generation Z has arrived having very different preferences from their predecessors. These young people, born between 1994 and 2010, have already grown into the technological boom, when more information was already available on the dangers to which they were exposed, which has also given them specific characteristics but, as we have said, very different from those of millennials.

These two generations are currently the main target of consumer marketing, as they combine all people who are currently between 19 and 38 years old, that is, those who begin to have economic capacity to consume independently and those who consume the most (in Spain, from 38 to 44 years old).

How do millennials prefer to buy and pay?

Millennials are the ones who buy the most online, especially through mobile phones. They don’t like to pay on credit, but they do want to have different forms of payment to choose from, the debit card being their favorite.

They like to be able to compare and choose the best option in each case, so they value the opinions of other customers and any data that helps them in their decision making. They’re demanding in their online purchases, so it’s best to offer quality products and discounts whenever you have occasion.

How do you prefer to buy and pay the Z generation?

Although they have some points in common with the previous generation, in this case we see a fundamental difference: far from preferring to make purchases through the smartphone or even the computer, the youngest choose physical stores to achieve greater immediacy and an experience of purchase shared with friends. The debit card (physical or digital) is also their favorite choice to pay.

In common with millennials we find that they are also very demanding and like to compare, so the way to get their attention with a website and get the sale will be to offer them an offer that they cannot refuse: quality products, with fast delivery, endorsed by other buyers and, if possible, at the best market price.

But, if both generations have something in common, it’s their requirement in the level of security and trust that an online business should transmit. Therefore, it’s very important to put effort into all the details that will make your site offer the right image.

Choosing a payment gateway that’s integrated into the website, has a good security system and doesn’t require many steps to complete orders is essential. This is the case of  Paylands payment gateway.

If you want more information on how to make your online business more attractive to millennials and Z generation, find out about Paylands through this form.