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Study: 83% Of Millennials And 93% Of GenZ Shop Online At Least Once A Month
Klarna, the AI-powered global payments network and shopping destination, announces the results of a study focused on GenZ and Millennials’ shopping habits. The data showcases how these two generations relate to the shopping journey, from researching their options to how they prefer to pay for it.
Usually, the purchase process begins with researching the item or items of choice. Romanian GenZ and Millennials strongly prefer to start their research online: 80% of GenZ respondents and 89% of Millennial respondents state that they usually take the time to look into the purchase before actually buying. When it comes to paying for their purchases, especially for more expensive items, both GenZ (43%) and Millennials (45%) would choose an interest-free Buy Now, Pay Later service, such as Klarna, over the traditional credit card – this showcases the need for multiple payment options that don’t rely on the models of the current banking system.
On average, the top three categories of choice for both GenZ and Millennials are Clothing and shoes, Electronics, and Entertainment – whether looking at online purchases or buying from a physical store. Another similarity between these two generations is that 63% of GenZ and 63% of Millennials plan on spending more in physical stores, even 93% of GenZ and 83% of Millennials shop online at least once a month.
When looking at how much money these two generations spend online, we find other similarities: 79% of GenZ respondents spend between 51 and 2000 Lei every month, with the average purchase being somewhere between 550 and 600 Lei, while for the Millenials, the percentage rises to 82%, with the average purchase being somewhere between 750 and 800 Lei.
We are always looking for ways to improve our customers’ experience, which is why we constantly ask them what they are looking for. From browsing to owning and even to returning, we deliver more than what a payment service usually does. However, our Pay-in-3 solution is what our customers seek out the most because it gives them the option to spread the cost of their purchases and receive the product before they pay the full amount. So, in other words, it gives them the flexibility they need in a time when this is the keyword – states Lukasz Dwulit, Head of Klarna CEE.