Campaign India Team
May 14, 2021

60% of millennial, Gen Z transactions fulfilled via virtual wallets: Dentsu Data Science Report

‘The Next Normal: The Rise of the Contactless Economy' study looks at impact of a contactless world on consumer behaviour

Photo by CardMapr.nl on Unsplash
Photo by CardMapr.nl on Unsplash
Dentsu India’s Data Sciences Division has unveiled ‘The Next Normal: The Rise of the Contactless Economy' study under its consumer insights wing Dentsu Marketing Cloud (DMC) Insights. The report looks to uncover the impact of a contactless world on consumer behaviour and sentiment of the Gen Z and millennial audiences from urban India.
 
Key highlights of the report:
  •  Willingness to try lesser-known brands: 70% expressed a willingness to purchase products from a lesser-known brand
  • The Growing Virtual Wallet: Close to 60% of transactions of the surveyed audience claim to be fulfilled via virtual wallets. 23% via credit and debit cards and the remaining through cash. Google Pay enjoys a lion’s share with PayTM being second
  • Online Certifications: 59% claim to have done an online certification. A trend likely to continue post lockdown
  • Ayurveda: 49% of the surveyed pool have a reliance on Ayurveda to meet their immunity needs
Gautam Mehra, chief data officer (Asia Pacific) and CEO Dentsu Programmatic said, “While the world grapples with the impact of the covid-19 pandemic, there is widespread uncertainty. However, in an ‘at home’ economy, the only assurance is that a next normal is being created, promoted by a hyper-connected world. Pegged to globally reach a $3 trillion size by 2025, the ‘at home’ consumption economy has been fueled by the need for consumers to look at digital channels to maintain normalcy in their lives – be it to connect with friends and family virtually, purchase necessities, subscribe to content or discover and learn new skills. Millennials and Gen Z consumers, being digital natives, have been better equipped in adapting to a virtual world with demonstrating a greater adoption of cashless payments and an openness to discover and try new brands.”
 
“The next normal has given rise to a hyper-connected virtual world fueled by better internet connectivity promoting an increase in online consumption and fulfilment of the needs within a contactless world. Being tech-natives, Gen Z and millennials will form a cornerstone of new-age marketing and brand engagement given their growing spending power and digital literacy. A virtual world has given rise to human experience platforms. With the virus hitting home, there has been a hyper awareness of health and safety amongst Millennials and Gen Z audiences. This report builds on the commitment of DMC Insights to deliver industry leading insights on this demographic covering their impact on various aspects of consumption and growth,” added Abhinay Bhasin, vice president (Asia Pacific) and head of DMC Insights, Dentsu International.
 
 
 
  

 

Source:
Campaign India

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