Gen Z's preference to use smartwatches for payments in the United States was significantly higher than that of Millennials. This according to a survey held among consumers ages 18 to 75 - with "Gen Z" here being defined as the age group 18 to 24 years old. The source claims the use of smartwatches is "on the rise", and could threaten the future use of cash or credit cards. The market share of digital wallets in the U.S. did increase between 2017 and 2021, although cards remained a more popular payment method in stores or restaurants.
Share of respondents in the United States who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 3rd quarter of 2021 to 2nd quarter of 2023
Physical means of payment consumers prefer to pay with if all payment methods were available
Supplementary notes
The source adds a total of 19,293 consumers were surveyed and this includes both Klarna users and users who did not use Klarna. It also adds that sample sizes were nationally representative.
The source does not specify the survey method used.
The source adjusts categories like Millennials as they grow older. The age groups are as follows:
Gen Z: 18-24 years for 2022, 18-26 for 2023;
Millennials: 25-40 years for 2022, 27-42 for 2023;
Gen X: 41-56 years for 2022, 43-58 years for 2023;
Baby boomer: 57-75 years for 2022, 59-77 for 2023.
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Klarna. (September 14, 2023). Share of respondents in the United States who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 3rd quarter of 2021 to 2nd quarter of 2023 [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/1327795/smartwatch-payment-preferences-usa/
Klarna. "Share of respondents in the United States who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 3rd quarter of 2021 to 2nd quarter of 2023." Chart. September 14, 2023. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/1327795/smartwatch-payment-preferences-usa/
Klarna. (2023). Share of respondents in the United States who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 3rd quarter of 2021 to 2nd quarter of 2023. Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/1327795/smartwatch-payment-preferences-usa/
Klarna. "Share of Respondents in The United States Who Prefer to Pay with a Smartwatch over Cash, Card, Mobile Phone, or Biometric Payment Method from 3rd Quarter of 2021 to 2nd Quarter of 2023." Statista, Statista Inc., 14 Sep 2023, https://www.statista.com/statistics/1327795/smartwatch-payment-preferences-usa/
Klarna, Share of respondents in the United States who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 3rd quarter of 2021 to 2nd quarter of 2023 Statista, https://www.statista.com/statistics/1327795/smartwatch-payment-preferences-usa/ (last visited October 31, 2024)
Share of respondents in the United States who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 3rd quarter of 2021 to 2nd quarter of 2023 [Graph], Klarna, September 14, 2023. [Online]. Available: https://www.statista.com/statistics/1327795/smartwatch-payment-preferences-usa/
