Afterpay was founded on the premise that Millennials had developed a strong aversion to credit, having witnessed their parents enduring the fallout of the Global Financial Crisis of 2008.
Although the full impact of Covid-19 has yet to be measured, it is predicted that Gen Z is the most likely cohort to be impacted financially due to the nature and areas of work they take up (part-time, casual, hospitality, tourism).
Like Millennial customers who quickly embraced Afterpay as a smarter alternative to manage their budget, using their own money to pay for things they wanted, post the financial crisis, we predict this will continue to be the case with Gen Z post Covid-19.
As our full attention turns to the Gen Z customer (the oldest of whom turns 25 in 2020), there are some notable differences in what they value and how they operate, but one thing remains clear – they distrust credit as much as their Millennial counterparts and they too have fully embraced a new way to pay and manage their finances through Afterpay.
We hope you find this report useful in helping to navigate the Gen Z retail customer.