Only 1 in 4 Singapore boomers make purchases through social media
The major consideration for them is trust.
A report from WorldPay revealed that about one-fourth of boomers in Singapore have made purchases directly on social media.
22% of boomers, meanwhile, have not purchased anything through this platform, but are open to doing so.
One of the key factors for boomers is trust, with 38% saying that they would be more likely to purchase from brands they knew. On the other hand, reasons cited by those who have not purchased from social media include buying only from retails they trust (47%) and the discomfort that comes with sharing payment details with brands they do not know (43%).
The 2021 Generational Pay Report covered 4,000 consumers across five countries: Australia, Brazil, Singapore, the UK, and the US.
Overall, 39%, or one-third of Singaporeans have purchased an item directly through social media. Gen Ys were also more likely than other generations to have done so at 57%.
Of the platforms available, Facebook (67%) and Instagram (48%) serve as the most used platforms.
Over the next 12 months, Singaproeans are looking to purchase electronics and apparel at 45% on social media. Contrary to this, however, boomers are more interested in groceries at 44%, compared to the generation’s 39% interest in electronics and apparel.
“People naturally turned to social media when the face-to-face commerce they’d relied on was put on hold. From our Generation Pay research, we find that increasingly consumers of all ages, including the Boomers, are engaging with social media to make purchases in categories such as groceries, electronics and apparels,” explained Phil Pomford, General Manager for Global eCommerce, APAC, Worldpay from FIS.