Retail is anything but one-size-fits-all, especially when it comes to millennials and Gen Z. These always-connected consumers seek instant gratification across the entire purchase journey—including how they pay for their products.
Two out of three people aged 18 to 30 in the United States do not own a credit card and instead make online purchases with debit cards, Afterpay founder and CEO Nick Molnar told Sourcing Journal. With many coming of age at the onset of the 2008 financial crisis, the methods in which they spend and save money are fundamentally different than older generations.
Why is this so important for retailers? In five years, millennials will earn half of all disposable income in the U.S., Molnar said.
Watch the video to see how the industry needs to adjust to this new way of spending now.