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 affects 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 per cent Gen Z and Y) than older generations (76 per cent of Gen X, 60 per cent of Baby Boomers and 56 per cent of Builders). That being said, almost two thirds of the Builders generation (65 per cent) expect to increase the number of digital payments they make in the coming years.

The simplicity of purchases is regarded highly amongst Aussies (69 per cent) when considering their buying experience. Along with simplicity, Gen Z consumers value community being connected to the brand they are purchasing from (45 per cent), that the brand’s values align with their own (57 per cent) and that there is an option for one-click purchases (46 per cent).

Brand authenticity and sustainability

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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 per cent) and package (64 per cent) wastage and prioritise products that have low environmental impacts (51 per cent). 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.

Article supplied with thanks to McCrindle.

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About the author: McCrindle are a team of researchers and communications specialists who discover insights, and tell the story of Australians – what we do, and who we are.

Feature image: Photo by Clay Banks on Unsplash

Mark McCrindle

Mark is a social researcher, best-selling author, and the Principal of research-based advisory firm McCrindle. A leading social analyst and futurist, he is known for tracking emerging trends, advising executive boards, and for coining the term Generation Alpha, alongside authoring five books.