New research released by payment solution providers PXP Financial has uncovered a staggering 74% of Generation Z are “put off by cash-only stores.”
The firm surveyed more than 160 18-25 year-olds in the UK on their experiences and preferences in payment methods when shopping as British high street shops continue its survival against ecommerce.
Koen Vanpraet, CEO, PXP Financial, commented: “Shoppers have been rapidly rejecting the high street in favour of online shopping but it’s clear that Generation Z are creating a retail renaissance.
“They prefer bricks-and-mortar shops because they get instant gratification, but they also enjoy the experience that comes with visiting a shop and making a purchase.”
Perhaps unsurprisingly, the research discovered debit card transactions proved to be the most popular payment method – with mobile wallets and cash a joint second.
Only 9% Gen Zers view security as the main benefit of cashless payment methods, with the majority valuing its convenience more so.
Furthermore, over two thirds of the respondents (69%) said they would shop in a store where the payment is taken from their mobile as they leave – a model trialed recently by Sainsbury’s.
Vanpraet concluded: “It’s important, therefore, for brands to build a compelling, credible, and strong presence across all available channels, and working hard to bridge the gap between the online and instore experience. Do this and the returns could be huge.”