Consumer expectations when transitioning to a cashless society
Almost every Australian household is exposed to and/or utilises some form of technology. Technology in the form of digital payments and the ease it has brought to everyday life continues to empower Australians in their purchasing decisions. The autonomy of purchase decisions is important for businesses to grasp and understand, as this effects the level of engagement with their brand. The behaviours of young Aussies, specifically, will be a valuable insight as they are expected to lead Australia’s transition into a cashless society by 2031.
Convenience and simplicity
The convenience of digital payments means that purchase of products and services online are expected to rise compared to in-store. While many Australians are returning to a local lifestyle after COVID-19, payments made in-store are transitioning from cash to ‘tap and go’ methods. This preference is held by more younger consumers (89% Gen Z and Y) than older generations (76% of Gen X, 60% of Baby Boomer and 56% of Builders). That being said, almost two thirds of the Builders generation (65%) expect to increase the number of digital payments they make in the coming years.
The simplicity of purchases is regarded highly amongst Aussies (69%) when considering their buying experience. Along with simplicity, Gen Z consumers value community being connected to the brand they are purchasing from (45%), that the brand’s values align with their own (57%) and that there is an option for one-click purchases (46%).
Brand authenticity and sustainability
Consumers are not afraid to support businesses with their wallets if they think they are doing it right. Australians are now more conscious of food (66%) and package (64%) wastage and prioritise products that have low environmental impacts (51%). As brand authenticity and sustainability become increasingly important to consumers, businesses must identify and meet consumer expectations if they want to remain relevant in the current market and for future generations.