Report highlights
- Nearly half of Gen Z (45%) and Millennials (46%) are encouraged to buy by Buy Now, Pay Later schemes, compared to just 12% of Baby Boomers.
- Consumers are spending £25.32 per month on average on subscriptions, equating to £304 per year.
- PayPal is the preferred payment method online as chosen by over a third of UK consumers (34%), rising to 46% of Gen X respondents and dropping to 24% Gen Z.
- Almost one in six (15%) of Gen Z and just over one in ten (11%) Millennials think that digital wallets would be their go-to payment method in five years time.
- By 2026, digital wallets will account for more than £11 billion in online spending.
- Cryptocurrencies also saw a rise in popularity with 4% of all age groups expecting to use them as a preferred payment method in five years’ time compared to just 1% today.
- The top three most popular payment methods today (PayPal, debit cards and credit cards), are all set to decrease in popularity with debit cards dropping the most, from 33% today, to 28% in five years’ time.