Gen Z and Millennials spend more on NFTs during holidays
Millennials' influence in the retail market is growing. As a result, it's easy to see why their purchasing habits and spending habits have piqued the interest of so many research campaigns.
Simply put, their spending habits differ significantly from those of earlier generations. While they may prefer to shop online, dining out is one of their largest monthly expenses. So, before you pass judgment on them for being attached to their screens, keep in mind that they can still socialize in person.
Also, contrary to popular belief, they are not solely concerned with self-indulgence. Social responsibility is more important to them than price. And, before you think they're squanderers, consider this: they're also big savers.
The millennial generation is full of fascinating facts and figures.
We scoured the internet and discovered that the statistics below provide a good overall summary of their spending habits:
94% of cryptocurrency buyers are between the ages of 18 and 40
Before analyzing spending on cryptocurrency, we'd like to gain a better understanding of how cryptocurrency buyers differ by generation.
The common opinion of cryptocurrency is that it is a market for young people, and our data supports this. Age Group Share of Users Gen Z (18-24) 17.40% Millenial (25-40) 76.46% Gen X (41-56) 4.93% Boomer (57+) 1.22%
Consumers in the Gen Z and Millennial categories account for nearly 94 percent of all crypto buyers, compared to just 6.14 percent of all buyers over the age of 40.
A closer look reveals that Gen Z buyers outnumber Gen X buyers by 3.5x and Boomer buyers by 14.3x.
Millennial buyers outnumber Gen X buyers by a factor of 15.5x and Boomer buyers by a factor of 62.9x.
So crypto is not just a young buyer's game, but it is by a wide margin.
According to the data, there is a clear relationship between age and the likelihood of purchasing cryptocurrency — the older you are, the less likely you are to make a purchase.
Who, however, is spending the most money on cryptocurrency?
Older folks have more consumer spending and disposable income because they have had more time to advance in their careers and have access to large lines of credit.
However, how those people are spending their money on cryptocurrency — especially when compared to younger buyers — is a bit surprising.
Younger Gen Z and Millenial crypto buyers outnumber older buyers by a factor of 15x. So it's easy to attribute this to older investors' apprehension about an emerging and potentially volatile market and younger buyers' willingness to take on more risk.
The data, however, tells a different story.
First published on Dec 15, 2021