It’s no secret that millennials and Gen Z are a bit different from their older counterparts. For starters, both groups are known for being tech-savvy and practically grew up with social media.
Sometimes called digital natives, they’re more than comfortable with doing everything online, from banking to shopping to renewing their driver’s license.
At more than 40% of the population, millennials and Gen Z probably make up a large portion of the recipients in your incentive rewards program, whether they’re customers, employees, or research participants.
To help ensure your incentive rewards are working hard for your organization, check out these stats to help you optimize your program for the younger — and most influential — generations.
Seventy-five percent of millennials have used a digital gift card, the most of any generation, according to Capital One shopping research. Similarly, our own survey found that 72% of millennial respondents say they have used e-gift cards.
At the same time, incentive rewards research clearly shows both of these younger groups are leading digital gift card adoption.
Our survey found that 41% of Gen Z consumers and 39% of millennials buy e-gift cards at least once every three months. That’s compared with 26% of Gen X consumers and 14% of baby boomers.
While millennial and Gen Z consumers are opting for digital gift cards more often than older generations, 20% of Gen X survey respondents also say they bought e-gifts for their kids, meaning the tide will continue to turn toward digital incentive rewards.
READ MORE: Why You Should Go Digital With Prepaid Incentive Cards
Gift cards aren’t the only thing that has gone digital — payments have, too. Not only did the majority of millennials surveyed say they have used digital gift cards, they also reported trying other mobile payment solutions.
The same research from Blackhawk Network found that millennials have tried mobile payment solutions like mobile apps (60%), gift cards in mobile wallets (44%), and mobile wallets (42%).
In fact, 72% of these younger generations plan to download a digital wallet, compared with 35% of older generations.
It makes sense: They already use their smartphones for everything, so why not payments, too? It’s also more eco-friendly, something that concerns many millennials and Gen Z consumers.
Both millennials and Gen Z are values-driven. Making a social impact is important to them, whether that means prioritizing brands and products that give back to the community or working for an organization that is committed to sustainability.
For that reason, it’s a good idea to include e-donations to organizations such as Habitat for Humanity, the Red Cross, and the World Food Program as part of your incentive rewards program.
Is it time to refresh your incentive rewards program with millennials and Gen Z in mind? Take a BHN Rewards product tour today to learn how easily you can offer rewards that appeal to younger generations.
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
