As the first cohort of true digital natives, members of Gen Z like moving fast. When they make purchases, they whip out their phones, preferring to pay with digital methods and with the expectation that the process will be immediate. But while Gen Z sprints through the digital landscape, it would be a mistake to think of this generation as risk takers. In mindset, they have more in common with previous generations of millennials and Gen X.
Born between 1997 and 2012, Gen Z has experienced crises that include 9/11, the Great Recession, and the COVID-19 pandemic. These experiences have made them pragmatic, purposeful and cautious, according to the EY article “4 keys to understanding Gen Z.” Now representing 68 million consumers in the US, Gen Z has enormous spending power, and it’s more than doubled since 2019. To capture Gen Z’s business, consumer payment providers need to tailor their offerings to the unique mindset of this digitally savvy, risk-averse cohort.
