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

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.