‘Most Gen Z, Millennials likely to purchase directly through social media by next year’

About 78 per cent of Gen Z and 70 per cent of Millennials say they are likely to make a purchase directly through a social media platform in the next 12 months, according to the recent survey, which indicates how shopping preferences of younger UK consumers have shifted.

According to a new study from FIS, a global leader in financial services technology, Gen Zs (27 per cent) and Millennials (24 per cent) said they feel social media purchasing encourages more frequent, unplanned spending.

67 per cent of Gen Z and 65 per cent of Millennials said they would like to visit a checkout-free supermarket, compared with 51 per cent of Gen X and only 29 per cent of Baby Boomers. The biggest advantage to checkout-free supermarkets is that they make it faster to shop and pay, according to Gen Z (56 per cent), Millennials (57 per cent), and Gen X (47 per cent).

Across all generations, 43 per cent of consumers say they are likely to access the metaverse in the next 12 months as compared to 21 per cent of Baby Boomers who said they plan to use the metaverse over that time. About 62 per cent of Gen Z consumers said they would be willing to make a purchase in the metaverse, said the report.

While 77 per cent of Baby Boomers said they still expect to collect loyalty points on a physical card in their wallet, such as a coffee shop stamp card, over the next 12 months, 48 per cent of consumers believe that convenience is the primary advantage of collecting loyalty points digital.

“Having grown up with almost everything available at the click of a button, young consumers are consummate digital natives who expect a seamless customer journey with advanced options for completing a purchase,” said Silvia Mensdorff-Pouilly, senior vice president of banking & payments in Europe at FIS.

“These customers don’t want to navigate away from the website or app they are using, complete multiple sign ups, or deal with customer service staff – they want minimal friction and a smooth service.

“FIS has been investing in these capabilities so that businesses of all types can embed the right financial products and services at the right time, across multiple channels, and with instant payment options. These investments support our vision to advance how the world pays, banks and invests across today’s channels and those of the future.”