Turmoil in the credit card industry won’t let up for the rest of 2023, as high inflation persists and regulatory pressure looms. To protect their bottom lines, issuers and networks will rethink everything—from their target audiences and rewards strategies to marketing tactics and ad budgets.
Gen Zers are ready to spend. The majority will be adults in 2023, meaning increased spending power. And they rely heavily on digital when making purchases: Gen Z will surpass Gen X in the number of US digital buyers by 2025, per our forecast.
But a new, digitally native generation presents novel challenges for credit card marketers. Gen Zers live online and tend to conduct more research pre-purchase. That makes them less susceptible to awareness-building campaigns for cards.
Here are three ways providers will reach Gen Z consumers in 2023:
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