Here are 4 key insights from Snap’s “Investing in the Future APAC Summit”.
Gen Z and Millennial consumers have been playing a key role in shaping the economy as both cohorts are projected to compose half of all APAC consumers by 2025.
To help businesses in this sector understand how Gen Zs and Millennials are driving the rapid pace of change in these fields and invest in them as part of its growth plans, Snap, the camera app company, surveyed Snapchat users across the UK, US, and Australia from 2021 to 2022. Here are the 4 insights:
1. Savings is the most stress-inducing element when it comes to finances!
The biggest source of financial stress amongst Snapchatters was surprisingly – not debt nor homeownership but the amount of savings individuals have.
This is perhaps a hangover effect from the pandemic and the last few years. People have now come to the acute realization of the importance of having a safety net in place for uncertain times.
Key takeaway: Knowing this, there is a clear role for businesses to be able to educate and inform Snapchatters on effective and meaningful ways for them to maximize their saving ambitions.
2. It pays to be mobile
Snapchatters are also overwhelmingly comfortable using mobile devices to manage their finances. 3 out of 5 Snapchatters manage their finances on their mobile device, and 1 in 3 use a financial app daily to manage their personal finances.
This regular usage showcases how important it is for companies to go mobile and to meet these consumers where they are.
Key takeaway: This is a chance for businesses to reach an untapped and motivated audience on Snapchat who are wanting to invest.
3. Decrypting Crypto will pay off
When it comes to finance, Snapchatters are eager to learn more about investing. In particular, Snapchatters are looking to understand more about cryptocurrency, given its rise in the last few years.
Key takeaway: More education is needed with Snapchatters around cryptocurrency. There is an opportunity here to both educate people on why they should be investing in this asset class, and also how to buy it.
4. NFT on the rise
The term ‘NFT’ (non-fungible token) started showing up more in our lexicon in November 2021 and as we entered 2022, it started to take over from crypto in terms of keyword mentions.
This data may only be indicative, but it shows the rising interest of NFTs from the Snapchat community. It’s worth noting though the data also shows that for most part, NFTs are still emerging and despite the growth in awareness in 2021, ownership is still relatively low.