The customer journey plays a pivotal role in the engagement of Generation Z according to research by PXP Financial, which analysed the payment habits of different generations of players in the online gaming and betting space.
The research looks at topical payment issues to provide the sector with a deeper understanding of its target market, revealing various key perceptions from customers of the online gaming and betting industry.
When securing the sentiments of each generation on their payment habits, PXP Financial found that Millennials (1981 – 1995) are the biggest spenders and prefer to use debit payments. In contrast, Generation X (1965 – 1980) prefers to play with credit instead.
The research follows this year’s announcement of a credit card ban across the industry, which according to the research is likely to impact Generation X, the most prevalent group in terms of credit betting according to the research.
Koen Vanpraet, CEO of PXP Financial commented: “At PXP Financial we work hard to ensure we understand trends within various markets and how they will affect our clients,” . “It is our hope that the insights provided within this sentiment research will provide the industry with a greater understanding of its target groups and help our clients with their market strategies.”
This sentiment survey was developed following PXP Financial’s 2019 Are Payments the Key to Maximising Gen Z Appeal for the High Street research, which looked at the retail spending habits of Generation Z (1996 – 2012). Interestingly, the survey found that the majority of respondents preferred shopping instore to online and preferred to spend using digital currencies instead of cash. It aimed to provide another look into this generation and the spending habits of other generations in the retail sector.
With regards to Generation Z, they have yet to have a significant impact on the online payments industry, primarily due to their age and financial capability. However, this is set to change as the group matures.
And as for the perception of retail, Millennials were found to lean more positively towards physical shopping, although it was nearly an even split. Generation X, on the other hand, vastly preferred the convenience of shopping online.