Sezzle, the leading North American, purpose-driven, payments platform, together with the Center for Generational Kinetics, a global leader in generational research, announced the results of a landmark nation-wide survey of young consumers, providing new insights into how younger generations of consumers think about personal finances, credit products, and payments.
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The results, which were released to leading eCommerce merchants, retailers and select media in an invitation-only webinar, highlighted a number of trends that provide a roadmap for the future of the retail sector as it begins to reposition itself in the wake of COVID-19.
The national survey, conducted by The Center for Generational Kinetics, is the first of its kind. The study focused on understanding Gen Z and Millennial consumer attitudes towards the booming “Buy Now, Pay Later” trend, which has taken off since being introduced to the U.S. a little more than four years ago. More than 1,200 adults between the ages of 18 and 64 were surveyed by CGK between February 27, 2020 and March 2, 2020.
“A product of growing up after the Great Recession, Gen Z is wary of credit and worries about their finances more than any other generation. For retailers, it is critically important to understand how these unique attitudes shape young consumers’ attitudes,” commented CGK President and renowned generational expert, Jason Dorsey, whose firm partnered with Sezzle on the study.
“The data couldn’t be more clear: Millennials and Gen Z consumers want options when it comes to how they pay. By 2023, I predict 95% of all direct-to-consumer retailers will be offering some form of installment-based payment solution for both online and in-store checkout,” Mr. Dorsey predicts.
“We built Sezzle to give Millennial and Gen Z consumers an alternative budgeting tool that allows them to pay for purchases over time without all the pitfalls of traditional credit products,” said Sezzle CEO and co-founder, Charlie Youakim. “This CGK research really reinforces why our product fits the evolving payment needs of younger generations of shoppers.”
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