Payments platform PXP Financial has launched research into the payment habits of various generations of players within the UK online gaming and betting space. By obtaining each generation’s feelings regarding their payment patterns, PXP Financial noticed that Millennials (1981-1995) were the biggest spenders and tended to use debit payments. Generation X (1965-1980) choose instead to play with credit.
Research for A Conversation About Payments: Generational Betting disparities were performed at ICE London 2020, the largest online gaming exhibition in Europe. Announcement by January of a ban on credit cards in the UK gaming industry has created interesting results. Generation X had an overwhelmingly negative response. Perhaps more interestingly, however, each generation had a overwhelmingly negative view of the regulation, resulting in more than 50 percent of the respondents citing it as detrimental to the sector.
Koen Vanpraet, CEO of PXP Financial said: “At PXP Financial we work hard to ensure we understand trends within various markets and how they will affect our clients. It is our hope that the insights provided within this sentiment research will provide the industry with a greater understanding of its target groups and help our clients with their market strategies.”
Following PXP Financial’s 2019 Are Payments the Key to Maximising Gen Z Appeal for High Street Research, this sentiment survey was produced which looked at Generation Z’s retail purchasing habits (1996–2012). The survey found that most respondents preferred shopping in store to online shopping, and preferred spending on digital currencies rather than cash. It aimed at giving another look at this generation and other generations ‘spending patterns in the retail sector.
Generation Z has yet to have a significant impact on the online payment industry, largely due to age and financial ability. It is likely to shift though as the group matures. As for retail perception, it was found that Millennial’s leaned more favourably towards physical shopping, but it was almost a split even. On the other hand, Generation X has greatly favoured the ease of online shopping.