Tag: millennials

Electric vehicles (EVs) continue to gain traction in certain markets. In fact, at the end of 2024, 9.2% of all new retail registrations were electric, up from 8%+ in 2023 and 6%+ in 2022. Clearly, more and more in-market shoppers are leaning towards EVs, but what is actually a determining factor in their decision? A recent Experian survey [1] found 65% of respondents said they prioritize battery life, while 62% consider price, 58% are concerned with range on a full battery and 53% are focused on infrastructure and maintenance. It’s not just EVs, hybrids are getting into the mix While EVs certainly are the buzzword in the industry, it’s not the only alternative fuel type consumers are opting for. For instance, 55% of respondents said they’d consider a new hybrid and 50% said they’d consider a new EV for their next vehicle purchase. On the used side, 38% of respondents said they’d consider an EV and 42% would consider a hybrid. More granularly, the survey revealed 67% of Gen Z and 61% of Millennials are likely to buy a new EV, while 62% and 63% of these groups, respectively, expressed similar intentions for purchasing new hybrid. Gen Z and Millennials also showed a stronger-than-average interest on the used side, with 57% and 49% opting for EVs, and 57% and 52% choosing hybrids. With the younger generations gravitating towards these fuel types, it’s likely going to influence adoption rates down the road, a trend that should be watched closely as manufacturers roll out more models to meet the growing demand. However, when assessing the viewpoints of other generations, some are less likely to purchase an alternative fuel type. Two-in-five, albeit still a healthy percentage, of Gen X respondents said they’re likely to purchase a new EV and only 25% of Baby Boomers shared a similar sentiment. Meanwhile, 27% of Gen X and 12% of Baby Boomers say they’re likely to purchase a used EV. Furthermore, 46% of Gen X and 43% of Baby Boomers indicated they are likely to buy a new hybrid, while 33% and 21% of these groups, respectively, conveyed similar thoughts towards purchasing used hybrids. It’s crucial for professionals to stay attuned to shifting trends and concerns among consumers, as these factors play a role in consumer decision-making. By addressing potential setbacks and knowing where their target audience is, they can better align their strategies with consumer needs as these fuel types continue to move up on the list for everyday commuters. To learn more about EV insights, visit Experian Automotive’s EV Resource Center. [1] Experian commissioned Atomik Research to conduct an online survey of 2,005 adults throughout the United States. The sample consists of adults who estimate they will purchase or lease their next vehicle within the next 24 months or sooner. The margin of error is +/- 2 percentage points with a confidence level of 95 percent. Fieldwork took place between March 24 and March 27, 2025.

While many industry pundits are assessing how macroeconomic changes may impact the future of the automotive market, recent data suggests consumers tend to stick to specific fuel types. According to Experian’s Automotive Market Trends Report: Q4 2024, over the last 12 months, 77.5% of electric vehicle (EV) owners replaced their EV with another one, with 15.6% returning to gas-powered vehicles. Meanwhile, 82.2% of gas vehicle owners replaced it with the same fuel type, while only 4.7% made the switch to electric. It’s important for professionals to recognize that most consumers tend to replace their vehicles with the same fuel type. Additionally, knowing who is making these purchases and the types of vehicles being registered allows better anticipation for consumer needs and ultimately enhances the buying experience while fostering consumer loyalty. Breaking down fuel types by generation Through Q4 2024, Baby Boomers predominantly registered new gasoline vehicles, accounting for 74.7% of their choices, while 15.9% opted for hybrids and 6.6% chose EVs. Millennials showed a similar trend, with 69.2% registering gas vehicles, followed by 15.1% selecting hybrids and 12.5% choosing EVs. Gen Z also favored gasoline vehicles at 74.0%, with hybrids making up 14.3% and EVs at 9.1% of their registrations. Although gasoline vehicles account for the majority of new registrations, EVs and hybrids are steadily gaining ground, particularly among the younger generations who are drawn to advanced features that align with their preferences. This will likely play a role in shaping the future of vehicle registrations as more gas alternative models hit the market and consumers make the switch. To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q4 2024 presentation on demand.

While CUVs and SUVs continue to dominate the market, sedans remain a popular choice among consumers. According to Experian’s Automotive Consumer Trends Report: Q4 2024, sedans accounted for 18.4% of new retail registrations and 36.9% of used. Comparatively, CUVs/SUVs came in at 59.3% for new and 38.6% for used. For retail sedan registrations, the Toyota Camry made up the most market share for both new and used in the last 12 months, coming in at 10.5% and 6.0%, respectively. Meanwhile, the Honda Civic came in a close second for new sedan registrations at 10.1% and the Honda Accord followed closely for used at 5.9%. Knowing which sedan models are leading in registrations is important for professionals as it helps them understand evolving consumer preferences, enhance marketing strategies, and make informed inventory decisions. Understanding the key generations fueling the sedan segment When examining generational interest in this vehicle segment, data found Gen Z and Millennials over-indexed in new retail sedan registrations. In the past 12 months, Gen Z represented 12.4% of new retail sedan registrations, while their total new retail registration was 8.2%. Millennials had 27.3% of sedan registrations out of 27% total registrations. Understanding who is purchasing and what models they’re gravitating towards can unlock valuable insights as professionals craft their next move and position themselves one step ahead in a competitive market. To learn more about sedan insights, view the full Automotive Consumer Trends Report: Q4 2024 presentation.

With the National Automobile Dealers Association (NADA) Show set to kickoff later this week, it seemed fitting to explore how the shifting dynamics of the used vehicle market might impact dealers and buyers over the coming year. Shedding light on some of the registration and finance trends, as well as purchasing behaviors, can help dealers and manufacturers stay ahead of the curve. And just like that, the Special Report: Automotive Consumer Trends Report was born. As I was sifting through the data, one of the trends that stood out to me was the neck-and-neck race between Millennials and Gen X for supremacy in the used vehicle market. Five years ago, in 2019, Millennials were responsible for 33.3% of used retail registrations, followed by Gen X (29.5%) and Baby Boomers (26.8%). Since then, Baby Boomers have gradually fallen off, and Gen X continues to close the already minuscule gap. Through October 2024, Millennials accounted for 31.6%, while Gen X accounted for 30.4%. But trends can turn on a dime if the last year offers any indication. Over the last rolling 12 months (October 2023-October 2024), Gen X (31.4%) accounted for the majority of used vehicle registrations compared to Millennials (30.9%). Of course, the data is still close, and what 2025 holds is anyone’s guess, but understanding even the smallest changes in market share and consumer purchasing behaviors can help dealers and manufacturers adapt and navigate the road ahead. Although there are similarities between Millennials and Gen X, there are drastic differences, including motivations and preferences. Dealers and manufacturers should engage them on a generational level. What are they buying? Some of the data might not come as a surprise but it’s a good reminder that consumers are in different phases of life, meaning priorities change. Over the last rolling 12 months, Millennials over-indexed on used vans, accounting for more than one-third of registrations. Meanwhile, Gen X over-indexed on used trucks, making up nearly one-third of registrations, and Gen Z over-indexed on cars (accounting for 17.1% of used car registrations compared to 14.6% of overall used vehicle registrations). This isn’t surprising. Many Millennials have young families and may need extra space and functionality, while Gen Xers might prefer the versatility of the pickup truck—the ability to use it for work and personal use. On the other hand, Gen Zers are still early in their careers and gravitate towards the affordability and efficiency of smaller cars. Interestingly, although used electric vehicles only make up a small portion of used retail registrations (less than 1%), Millennials made up nearly 40% over the last rolling 12 months, followed by Gen X (32.2%) and Baby Boomers (15.8%). The market at a bird’s eye view Pulling back a bit on the used vehicle landscape, over the last rolling 12 months, CUVs/SUVs (38.9%) and cars (36.6%) accounted for the majority of used retail registrations. And nearly nine-in-ten used registrations were non-luxury vehicles. What’s more, ICE vehicles made up 88.5% of used retail registrations over the same period, while alternative-fuel vehicles (not including BEVs) made up 10.7% and electric vehicles made up 0.8%. At the finance level, we’re seeing the market shift ever so slightly. Since the beginning of the pandemic, one of the constant narratives in the industry has been the rising cost of owning a vehicle, both new and used. And while the average loan amount for a used non-luxury vehicle has gone up over the past five years, we’re seeing a gradual decline since 2022. In 2019, the average loan amount was $22,636 and spiked $29,983 in 2022. In 2024, the average loan amount reached $28,895. Much of the decline in average loan amounts can be attributed to the resurgence of new vehicle inventory, which has resulted in lower used values. With new leasing climbing over the past several quarters, we may see more late-model used inventory hit the market in the next few years, which will most certainly impact used financing. The used market moving forward Relying on historical data and trends can help dealers and manufacturers prepare and navigate the road ahead. Used vehicles will always fit the need for shoppers looking for their next vehicle; understanding some market trends will help ensure dealers and manufacturers can be at the forefront of helping those shoppers. For more information on the Special Report: Automotive Consumer Trends Report, visit Experian booth #627 at the NADA Show in New Orleans, January 23-26.

According to Experian’s Automotive Market Trends Report: Q1 2024, hybrids accounted for 11.8% of new vehicle registrations, an increase from 8.8% last year.

As more consumers lean towards adaptable and efficient vehicles that fit their everyday lifestyle, it’s no surprise to see the nuanced shifts in consumer preferences over recent years. For instance, compact utility vehicles (CUVs) have resonated with those seeking versatility—emerging as the most registered new vehicle segment in the first quarter of 2024 at 51.1%, according to Experian’s Automotive Consumer Trends Report. When exploring the depths of CUV registrations, data showed Toyota led the market share for the non-luxury segment at 14.9% in Q1 2024. They were followed by Chevrolet (12.1%), Honda (11.4%), Subaru (10.4%), and Hyundai (10.0%). On the luxury side, Tesla accounted for 28.0% of the market share this quarter and Lexus trailed behind at 14.1%. Rounding out the top five were BMW (12.2%), Audi (8.6%), and Volvo (6.2%). CUV registration trends by generations It’s notable that different generations are drawn to CUVs for a multitude of personal preferences that align with their respective lifestyles. For example, Baby Boomers made up 32.3% of new retail registrations for CUVs and Gen X was close behind at 30.4% in Q1 2024. They were followed by Millennials (23.6%), Gen Z (7.9%), and the Silent Generation (5.4%). While some generations seek a vehicle that strikes a balance between practicality and comfort, others may prefer smaller and more maneuverable vehicles. Nonetheless, CUVs making up just over half of new retail registrations is something that should be watched closely. By leveraging multiple data points such as who is in the market for a CUV as well as the types of makes and models they’re interested in, professionals have the opportunity to strategize new ways to effectively reach shoppers. To learn more about CUVs, view the full report at Automotive Consumer Trends Report: Q1 2024. Or

According to Experian’s Automotive Consumer Trends Report: Q3 2023, CUVs accounted for 48.3% of new retail registrations and SUVs comprised 13.0%. 

Despite economic uncertainty, new-customer acquisition remains a high priority in the banking industry, especially with increasing competition from fintech and big tech companies. For traditional banks, standing out in this saturated market doesn’t just involve enhancing their processes — it requires investing in the future of their business: Generation Z. Explore what Gen Z wants from financial technology and how to win them over in 2023 and beyond: Accelerate your digital transformation As digital natives, many Gen Zers prefer interacting with their peers and businesses online. In fact, more than 70% of Gen Zers would consider switching to a financial services provider with better digital offerings and capabilities.1 With a credit prescreen solution that harnesses the power of digital engagement, you can extend and represent firm credit offers through your online and mobile banking platforms, allowing for greater campaign reach and more personalized digital interactions. READ: Case study: Drive loan growth with digital prescreen Streamline your customer onboarding process With 70% of Gen Z and millennials having already opened an account online, it’s imperative that financial institutions offer a digital onboarding experience that’s quick, intuitive, and seamless. However, 44% of Gen Z and millennials state that their digital customer experience has been merely average, noting that the biggest gaps exist in onboarding and account opening.2 To improve the onboarding process, consider leveraging a flexible decisioning platform that accepts applications from multiple channels and automates data collection and identity verification. This way, you can reduce manual activity, drive faster decisions, and provide a frictionless digital customer experience. WATCH: OneAZ Credit Union saw a 25% decrease in manual reviews after implementing an integrated decisioning system Provide educational tools and resources Many Gen Zers feel uncertain and anxious about their financial futures, with their top concern being the cost of living. One way to empower this cohort is by offering credit education tools like step-by-step guides, score simulators, and credit alerts. These resources enable Gen Z to better understand their credit and how certain choices can impact their score. As a result, they can establish healthy financial habits, monitor their progress, and gain more control of their financial lives. By helping Gen Z achieve financial wellness, you can establish trust and long-lasting relationships, ultimately leading to higher customer retention and increased revenue for your business. To learn how Experian can help you engage the next generation of consumers, check out our credit marketing solutions. Learn more 1Addressing banking’s key business challenges in 2023.

Pickup trucks have long been a staple of the automotive industry, and the data show this is still the case—even seeing some growth in the third quarter of 2022. Experian’s Automotive Consumer Trends Report: Q3 2022 took a deeper dive into pickup trucks and found they accounted for 20.4% of new retail vehicle registrations, increasing from 16% in Q3 2021 and surpassing sedans (16.5%) and SUVs (11.4%). The growth in pickup truck popularity is partially due to their functionality and towing capabilities, among other features that smaller vehicles may not offer. As more consumers continue to be drawn to pickup trucks, it’s important for automotive professionals to not oversimplify by grouping potential shoppers together, but instead, dive into the data to understand the current trends, such as who is buying and the type of truck segments they may be interested in. Breaking down pickup truck registration trends by generation When looking at who is in the market for a pickup truck, data shows Gen X made up the largest percentage of buyers in Q3 2022, comprising 34.6%, with Baby Boomers coming in at 28.3%, and Millennials not too far behind at 25.2% this quarter. Knowing who is making up majority of the pickup truck registrations and the types of trucks they are looking for goes hand-in-hand when automotive professionals are searching for ways to market strategically and ensure they are reaching the right audience. For instance, in Q3 2022, 43.1% of Gen X buyers opted for a full-size luxury truck, such as the Rivian R1T, while 35.7% preferred a full-size truck, such as the Ford F-150, and 32.9% bought a midsize truck, such as the Toyota Tacoma. By comparison, 20.4% of Baby Boomers bought a full-size luxury truck in Q3 2022, 27% chose a full-size truck, and 30.7% opted for a midsize truck. Data shows Millennials preferred a full-size luxury truck over any other type—coming in at 30.6%, while 26% opted for a full-size truck, and 23.3% bought a midsize truck. As consumer preference continues to shift throughout the automotive industry, analyzing and leveraging data will allow professionals to properly assist consumers when looking for a vehicle that fits their needs, as well as stay up-to-date on the current trends. To learn more about pickup trucks and other consumer trends, watch the entire Automotive Consumer Trends Report: Q3 2022 webinar.

According to Experian’s Automotive Market Trends Report: Q3 2022, new vehicle registrations were down 16.4%, going from 12.2 million through Q3 2021 to 10.2 million this quarter. Used vehicles experienced a 12.6% decline, coming in at 29.8 million through Q3 2022, from 34.1 million the previous year.

While many view Millennials and Gen Z through the same lens, savvy automotive marketers are adjusting their strategies to capture the market of this generation.

Generation Z has money on their minds, and as their appetite for personal finance grows, financial institutions better be ready. Accounting for 40% of all U.S. consumers, Gen Z is comprised of digital natives with little to no memory of the world as it existed before smartphones, social media and the internet. Aside from growing up in a tech-saturated world, Gen Zers are also socially conscious and determined to take control of their financial futures. According to Credit Union Times, Gen Zers wield a purchasing power of more than $143 billion, which is projected to increase by more than 70% in the next five years. What do these insights mean for financial institutions? As the newest and soon-to-be largest cohort of consumers, Gen Zers represent an enormous opportunity for growth. While establishing a relationship with Gen Z now is key to creating lifelong customers, the same approaches used to capture previous generations may not be as effective with this younger cohort. To successfully reach and acquire Gen Z consumers, financial institutions must recognize their unique needs, preferences and experiences. Here are some key trends and preferences to consider: They live and breathe social media. According to Mintel, 99% of Gen Z adults and teens are active social media users. Despite this percentage of Gen Zers on social media, credit card issuers spent 94% of their media budget on direct mail from January 2019 to May 2021. This highlights the need for financial institutions to recognize social media as a powerful and necessary marketing vehicle. As a fast-growing consumer group with massive spending power, Gen Z makes for valuable customers, but are being missed by current marketing strategies. While direct mail is popular among millennials, financial institutions must recognize Gen Z’s preference for social media and pivot themselves to effectively reach them. By leveraging both social media and direct mail, financial institutions can dramatically increase their reach and acquire a wider pool of consumers. They want to be financially literate. Concepts like budgeting, investing and credit building can seem daunting to Gen Zers, especially if they lack the proper guidance and resources to get started. According to a NerdWallet survey, 41% of Gen Zers feel anxious about their personal finances, while 40% feel nervous and confused. To add onto their worries, older Gen Z members may have witnessed their parents struggle financially during the Great Recession or have seen millennials burdened with student loan debt. For fear of facing the same challenges as their predecessors, Gen Zers have shown great interest in taking control of their financial lives and becoming financially literate. In response to this desire for financial education, many banks and credit card issuers have taken an educational approach in their marketing by using infographics and ‘how-to’ guides to teach Gen Z about the basics of personal finance. Offering educational resources not only gives Gen Zers the confidence to make financial decisions, but it gives financial institutions the opportunity to build an early connection with this consumer group. Many banks and credit card issuers are also positioning themselves as companies Gen Zers can “grow with.” By not limiting their products to a specific life stage, these financial institutions seek to grow alongside the consumer so that they remain loyal customers even when their needs and lifestyles change. They care about what brands stand for. According to Mintel Trend Buydeology, Gen Z consumers are passionate about the causes close to their hearts and are more likely than other generation to pay a higher price for brands that support the causes they care about. With this in mind, financial institutions must prove they are authentic, socially responsible and committed to serving their communities. To resonate with Gen Z consumers and align with their preferences, financial institutions should educate themselves about social issues, take part in meaningful discussions both on and offline, and develop innovative strategies to drive real impact and change. Ready to win over Gen Z? Financial institutions have a massive opportunity to build lasting relationships with Gen Z consumers and having a pulse on what this fast-growing segment wants is a must. To learn more, check out our efforts to help marginalized and underserved communities or join our upcoming webinar on November 3, 2021. Learn more  Register for webinar

Despite an unprecedented 18 months since the pandemic was in full force and many Americans were sent home, financial wellness continues to be on the up and up. Consumers continue to manage credit well and the average credit score climbed seven points since 2020 to 695, the highest point in more than 13 years. In Experian’s 12th annual State of Credit report, the headlines are hopeful regarding how Americans are managing personal finances in the face of the pandemic. The report provides a comprehensive look at the credit performance of consumers across America by highlighting consumer credit scores and borrowing behaviors. This year’s report features data from 2019 pre-pandemic, the 2020 pandemic year, and the start of 2021. “The findings from this year’s report show something I’ve always believed: Americans are resilient, for the most part they make smart decisions in the face of adversity and they are agile in adjusting their financial habits when the environment or circumstances change,” said Alex Lintner, President, Experian Consumer Information Services. Highlights of Experian’s State of Credit report: 2021 State of Credit Report 2019 2020 2021 Average VantageScore® credit score [1] 682 688 695 Median VantageScore® credit score 687 697 707 Average number of credit cards 3.0 3.0 3.0 Average credit card balance $6,494 $5,897 $5,525 Average revolving utilization rate 30% 26% 25% Average number of retail credit cards 2.50 2.42 2.33 Average retail credit card balance $1,930 $2,044 $1,887 Average nonmortgage debt $25,057 $25,483 $25,112 Average mortgage debt $210,263 $215,655 $229,242 Average auto loan or lease $19,034 $19,462 $20,505 Average 30–59 days past due delinquency rates 3.8% 2.4% 2.3% Average 60–89 days past due delinquency rates 1.9% 1.3% 1.0% Average 90–180 days past due delinquency rates 6.6% 3.8% 2.5% We asked Joseph Mayans, Principal Economist at Advantage Economics, LLC, for his reactions to the findings: “The State of Credit Report captures the three central themes of the pandemic. First, it shows the overwhelming success of the fiscal support packages. By far, the most striking example of this is the broad based and significant decline in delinquencies during a time when millions of people were out of work. Second, the report showcases the resiliency of American households. People used their stimulus dollars to stay on top of their bills and pay down debt, which boosted average credit scores across all generations. And third, it highlights the unique behavioral shifts brought on by the pandemic. We can see these changes in the rise of housing and auto debt as people bought larger homes and sought to drive rather than ride public transportation.” Generational Trends As indicated in the findings, consumers across all generations except Gen Z saw decreased utilization rates and decreased credit card balances year over year. Consumers are also missing fewer payments with notable improvements seen among the youngest consumers. Mortgage debt was up across every generation, which may correlate with the record low interest rates on mortgages, refinances and moves. According to the CBRE, “the pandemic accelerated several long-standing American migration patterns” as evidenced by more than 15.9 million people filing change-of-address requests with the United States Postal Service. Compared with 2019, 2020 change-of-address requests show a 4% increase in total movers, 2% increase in permanent movers and 27% increase in temporary movers, according to a study by MyMove. Mayans also made note of the mortgage trends. “It’s becoming clearer that millennials are stepping into the homebuying phase in a big way. Once thought to be the generation of apartments and urban revival, many older millennials are now buying homes and moving to the suburbs much like their parents before them,” Mayans said. “This will have significant implications for the post-pandemic world, especially as work from home becomes more prevalent.” State Trends The states with the highest and lowest average credit score remained unchanged from last year with the highest average score of 726 held by Minnesota and an average score of 666 held by Mississippi. New Jersey had the highest number of credit cards and retail cards at 3.37 and 2.54 respectively, and Alaska had the highest credit card debt at $7,089 (U.S. average is $5,525) and Texas had the highest retail debt at $2,248 (U.S. average is $1,888). What Lies Ahead Some have argued that the past year of the pandemic and quarantine forced a lot of time for reflection. The continued positive trends of consumer behavior seem to indicate some of that effort was put toward better financial health practices. That said, like any sourdough bread recipe or DIY home glow-up, there’s always more to learn and opportunities to seize when it comes to financial health. “We are committed to working with lenders and the industry to help consumers gain access to credit, driving broader financial inclusion, while also teaching consumers how to responsibly build and use credit responsibly,” Lintner said. In addition to the free weekly credit report at AnnualCreditReport.com, Experian also offers consumers free access to their credit report and ongoing credit monitoring at Experian.com. Additional credit education resources and tools Join Experian’s #creditchat hosted by @Experian on Twitter with financial experts every Wednesday at 3 p.m. Eastern time. Bilingual and Spanish speakers are also invited to join Experian’s monthly #ChatdeCredito hosted on Twitter at 3 p.m. Eastern time beginning September 16. Visit the Ask Experian blog for answers to common questions, advice and education about credit. Add positive telecom, utility and streaming service payments to your Experian credit report for an opportunity to improve your credit scores by visiting experian.com/boost[2] For additional resources, visit https://www.experian.com/consumereducation To see all the findings, download the 2021 State of Credit Report.   Download the full report [1] VantageScore® is a registered trademark of VantageScore Solutions, LLC. VantageScore® credit score range is 300 to 850. [2] Results may vary. See Experian.com for details

Millennials and Gen Z consumers have proven to be future trend shapers for the auto industry.

So often a microscope is set on examining millennials and their behaviors – especially when it comes to their priorities and finances. But there’s a new generation entering the economy, with an entirely new set of preferences, behaviors and approach to money. Enter Gen Z. According to Bloomberg, this year, Generation Z becomes the biggest consumer cohort globally, “displacing millennials as a top obsession for investors.” This generation (falling between the ages of seven and 22) is 61 million strong and has a spending power of $143 billion in the U.S. alone. While much of the population that makes up Generation Z may still be in school, they are already creating their reputation as conscientious consumers. And lenders and financial institutions need to get in front of them if they want a chance at these meaningful investments. Because this generation has grown up in a world where the internet has always existed, everything can be ordered and delivered on demand, and communications occur over mobile platforms like Instagram and Snapchat, they view the world – and finances – through a different lens. Bloomberg suggests the following Gen Z broad trends; which investors should consider if they want this growing generation in their portfolios: They can be influenced. According to a recent Bloomberg survey, 52% of Gen Zers said they primarily find out about new products from social media. And they are 3 times more likely to purchase a product recommended by one of their favorite influencers than by a television or film celebrity. They have different vices – beyond just their smartphone addictions. As they are growing up in a world where screen time is eminent and cannabis is becoming legal (already legal in 10 U.S. states), they live with a different world view than many of the other generations. They don’t have to go to stores. Gen Z shops via clicks, not bricks. They choose their brand loyalties carefully. This generation is interested in environmental issues and ethical shopping, which drives their consumer activities, meaning it’s time for new considerations when it comes to marketing. They eat differently. Less likely to eat meat, we’re already seeing the shift that fast-food restaurants and packaged-food distributors are taking. What does this mean for financial institutions? You don’t have to be a social media influencer to get Gen Z in your portfolio – but it wouldn’t hurt. Many reports indicate that by 2020, Gen Z will command nearly 40% of all consumer shopping. With shopping driven by scrolling and purpose-driven purchases facilitated primarily by online transactions, gaining an understanding of these young consumers’ credit and charge card habits means you can better understand bankcard wallet share and target them as they start joining the workforce and beyond. In the not-too-distant future, there will be a need to examine high spend to increase interchange income. Trended data solutions can gain insight into these consumers as well as help you target and offer new lines of credit as they purchase with purpose – fueling them with credit to fund the ventures that matter to them most. Learn More