How social media are controlling Gen Z’s wallets
The influence of social media is not exactly new news, but amongst Gen Z it has gone beyond how this cohort spend their time, and now impacts how they spend their money.
Yet whilst social media spending is common amongst Gen Z, it’s not guilt free.
So, how is social media shaping Gen Z’s spending habits?
When it comes to shopping habits, Gen Z are widely influenced by what they see online. Just under one-in three (31%) claim to have bought items after having seen an advert when scrolling on their social media.
Just as persuasive, however, are influencers and friends, as one third (33%) of Gen Z have purchased an item after having seen someone they know using it on social media. This is even stronger among females, with 39% influenced this way.
Buy-Now, Pay Later Gen Z are more influenced by social media
Gen Z that are using BNPL are more likely to shop through social media. Around 40% of them buy after seeing an ad or getting a recommendation from an influencer, and almost half (46%) buy after seeing a friend using the product.
However, there is an underlying need from those who use BNPL to have a better monitoring of their spending. Over one-in five (22%) want a notification system to alert them when they exceed their monthly budget, compared to 18% of the overall Gen Z.
Our recent research shows the impact of social media on Gen Z’s spending habits and highlights that Gen Z are savvy consumers. Brands should offer BNPL services that integrate solutions to help monitor and track their finances.
If you’d like to find out more about the research or arrange a call with one of the team to take you through the findings of our research into Gen Z in more detail please email europe@opinium.com.
‘Opinium surveyed 3,000 people within the Netherlands, France and Germany, aged 16 to 27 years old, during February 2024’.
