Both Gen Z and millennials in Sweden displayed an equal interest in using smartwatches for payments instead of other options to them. 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. Whilst the market share of digital wallets is relatively high in Sweden - it was higher than the market share of cash in POS in 2021 - it is not as high as either debit cards or credit cards.
Share of respondents in Sweden who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 2nd quarter of 2022 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 Sweden who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 2nd quarter of 2022 to 2nd quarter of 2023 [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1333906/smartwatch-payment-preferences-in-sweden/
Klarna. "Share of respondents in Sweden who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 2nd quarter of 2022 to 2nd quarter of 2023." Chart. September 14, 2023. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1333906/smartwatch-payment-preferences-in-sweden/
Klarna. (2023). Share of respondents in Sweden who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 2nd quarter of 2022 to 2nd quarter of 2023. Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1333906/smartwatch-payment-preferences-in-sweden/
Klarna. "Share of Respondents in Sweden Who Prefer to Pay with a Smartwatch over Cash, Card, Mobile Phone, or Biometric Payment Method from 2nd Quarter of 2022 to 2nd Quarter of 2023." Statista, Statista Inc., 14 Sep 2023, https://www.statista.com/statistics/1333906/smartwatch-payment-preferences-in-sweden/
Klarna, Share of respondents in Sweden who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 2nd quarter of 2022 to 2nd quarter of 2023 Statista, https://www.statista.com/statistics/1333906/smartwatch-payment-preferences-in-sweden/ (last visited December 22, 2024)
Share of respondents in Sweden who prefer to pay with a smartwatch over cash, card, mobile phone, or biometric payment method from 2nd quarter of 2022 to 2nd quarter of 2023 [Graph], Klarna, September 14, 2023. [Online]. Available: https://www.statista.com/statistics/1333906/smartwatch-payment-preferences-in-sweden/
