If you ask the Gen Zs or Alphas in your life, you’ll discover not only where they’re shopping is different — TikTok is the new shopping centre and Google search — but the funds they’re using to make purchases are also very different to millennials, Gen X and Boomers.
Up against cost-of-living pressures, Gen Z and millennials are, concerningly, leaning heavily on low-cost credit models to support their spending. Where previous generations may have put something on lay-by, Gen Z buys now, pays later.
In fact, 57 per cent of Gen Z and millennials report having used a buy now, pay later provider in 2024 — a 20 per cent surge for Gen Z from 2020, according to comparison site Finder.
Their research also identified that 38 per cent of…