Clearpay says Millennial, Gen Z spending to accelerate, unveils iQ analytics platform
The report reveals that Millennial and Gen Z share of spending in the US, UK and Australia will increase to 48% by 2030 -- demonstrating their continued strong influence on the economy as these groups reach peak earning years.
The report also showed that this generation has an increasing preference for BNPL. In the UK, BNPL spending has grown by 315% compared to a 4% increase for debit and credit card purchases.
“Gen Z and Millennials are driving change at the intersection of culture and commerce, so it's no surprise they have been key adopters of Clearpay and BNPL more generally", said Rich Bayer, UK Country Manager at Clearpay.
The index also found that in the UK spending by Gen Z and Millennials has recovered faster than older generations, up an average of 7% for Gen Z from pre-pandemic levels.
Small business spending is also increasing among Gen Z and Millenials, up an average of 900% since early 2020 and making up 70% of all Clearpay spend on small businesses. While the majority are still spending on Fashion, the Home and Recreation categories are growing fast, up 300% year-over-year.
Meanwhile, the firm has also added Clearpay iQ that helps brands capture next generation of consumers. The buy-now-pay-later financier has introduced the new merchant analytics platform allowing “brands to gain access to customer-centric analytics to help optimise investment and drive growth”.
The Clearpay iQ platform provides: easy Data: AI-powered insights, visualisations, and real-time data delivered in one accessible self-service user interface; a place where brands can evaluate marketing performance, omnichannel shopping volumes, and demographic summaries down to the store level and ‘Next Best Actions’; and a recommendation engine offering insightful actions to optimise business performance based on analytics.
Copyright © 2023 FashionNetwork.com All rights reserved.