Looks like even offline, payment transactions remain well online. According to a recent study by global brand consultancy Labbrand, 85.6 percent of Chinese millennials surveyed used mobile payment in physical shops. The preferred method of payment was used at least once weekly.
The survey, done on young adults aged 20 to 35 years old, also found that only 44.7 percent of U.S. millennials utilized mobile payment, and were originally released in New York at the Millennial 20/20 Summit.
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The preference for mobile payment amongst Chinese millennials also coincide with another finding by Labbrand, which found that these group were partial to expressing themselves online, with a significant percentage of 77.6 percent partaking in forums and Q&A sites once a week or more. 55.3 percent of Chinese millennials also revealed that they often shared details of their activity online, according to the study.
Acciording to Denise Sabet, Labbrand Managing Director of North America, millennials has become an overused term with an ambiguous, expansive definition.
"Brands need to uncover deeper and more specific insights on millennial consumers, and to tailor their brand actions to the characteristics of more targeted segments," said Sabet in a press statement.
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The study noted the further differences between American and Chinese millennials – the former use digital platforms for entertainment, whilst the latter turns to the internet for connection, discovery and self-fulfillment, aside from entertainment.
Indeed, the deference towards the digital when it comes to shopping is growing steadily. WeChat has encouraged a proliferation of more than the usual clientele with its open API and popularity among luxury fashion houses. A recent survey by Digital Luxury Group on the online chat app showed that 25 luxury labels, including Bottega Veneta and Dolce & Gabbana expand their digital presence with the app’s official WeChat accounts.
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