People born between the early 1980s and the late 1990s often use more credit and debit cards than cash and prefer to spend their savings on bars and restaurants than in supermarkets or with transportation.
This is the conclusion of a study conducted by Banco Neon, which evaluated the consumption habits of 26,000 young people between 18 and 35 years of age.
The survey found that 24% of a young person’s total monthly expenses are usually in a supermarket, while 20% of the amount of the month is directed to transportation. Fourth, with 8%, digital services subscribe, while other leisure activities comprise only 5% of expenses.
In relation to the duel of digital money versus cash, the use of credit and debit cards far outweigh the amount of withdrawals made by young people.
In the first half of 2017, there were 496 thousand transactions with electronic money against only 13 thousand withdrawals, according to research by Banco Neon.
Despite the massive adoption of digital money, physical stores are still in the youth’s mindset: only 30% of their purchases happen in virtual stores.
To make more sense, this number should be compared to the consumption habit of other age groups – and it is not difficult to assume that younger people spend more buying online compared to older people.