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Columbus, Ohio, 20 October 2021 / PRNewswire / – Alliance Data Systems Company (NYSE: ADS), a leading global provider of data-driven marketing, loyalty and payment solutions, today released the results of a national study that assesses wants, habits and attitudes of Generation Z consumers when it comes to payments. The results show that while the majority want traditional credit card rewards and benefits, 86% want cash back on daily purchases; 84% want rewards that never expire; and 83% want to earn bonuses on certain categories of spending – 78% admit they are also afraid of going into debt.
Additional study results include that many Gen Z buyers want:
Credit – but are excluded: Almost three in 10 (27%) Gen Z people say they were turned down when applying for their first credit card – a rate twice that of any other generation.
A mix of traditional and digital choices: While cash and debit cards are the primary forms of payment for all consumers, Gen Z is welcoming non-traditional digital payment options as well. The majority (53%) use person-to-person payment apps (more than any other generation), half (50%) use PayPal, and one in four (25%) would consider using cryptocurrency.
Purchase-based payment flexibility: The use of payments among Gen Z is influenced by the current purchase. Looking at purchases valued between $ 30 and $ 150, credit cards are preferred by more than one in three (36%) Gen Z shoppers, while one in 10 say they would use buy now, pay later for a $ 500 purchase.
End-to-end control: When asked what features they would like to see in their payment solutions, nearly eight in 10 (79%) want to manage all of their accounts in one place and pay digitally from the account of their choice. More than half (59%) want to be able to schedule all of their split payments on the day of their choice.
Secure experiences: The study found that security is more important for Gen Z than any other generation. Almost nine in 10 (86%) want protection against fraudulent websites, more than eight in 10 (83%) want to be able to lock their account if they expect fraud, and more than three in four (76 %) want two-step authentication for the payment methods they use.
“Our study portrays a cautious, responsible, and choice-driven Generation Z consumer – but whose needs are not fully met by traditional credit and other payment options,” said Val Greer, EVP and Commercial Director, Alliance Data. “With 143 billion dollars in purchasing power, retailers can open the door to this group that, in 10 years, should have more purchasing power than millennials and baby boomers combined, by diversifying payment choices that include both technology-driven and low-cost financing. clear term like buy now, pay later, which eases the feared debt and gives control over cash flow. “
To download the full “Next Gen Impact†study, visit: www.alliancedatacardservices.com/insights-news/next-gen-impact
Methodology of the study
A sample of 2,515 U.S. consumers participated in the Next-Gen Impact study through an online quantitative survey that took place from August 6-12, 2021. Additionally, qualitative feedback was collected from a total of 22 U.S. consumers, ages 16 to 24 in an online discussion forum conducted at July 15th and 16 2021.
About Alliance data
Alliance data ® (NYSE: ADS) is a leading provider of data-driven marketing, loyalty and payment solutions serving large consumer-centric industries. The company creates and deploys personalized solutions that measurably change consumer behavior while driving the growth and profitability of some of today’s best-known brands. Alliance Data helps its partners create and increase customer loyalty across multiple touchpoints using traditional, digital, mobile and emerging technologies. Based at Columbus, Ohio, Alliance Data is an S&P MidCap 400 company made up of companies that together employ approximately 8,000 associates in more than 45 locations around the world.
Alliance Data Card Services business is a full-service provider of industry-leading private label, co-brand, general-purpose and business credit card programs, digital payments, including Bread®, and Comenity branded financial services. LoyaltyOne owns and operates the AIR MILES® Reward program, from Canada the most recognized loyalty program, and Netherlands-based Brand loyalty, a global provider of tailor-made loyalty programs for grocers. You can find more information about Alliance Data at www.AllianceData.com.
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Contact:
Media
Rachel Stultz
Alliance data
614-729-4890
[email protected]
Gabi Zepeda
RP Highwire
858-997-5667
[email protected]
SOURCE Alliance Data Systems Corporation
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