Millennials Are Influencing New Rules on Pay

Built by Millennials for Millennials is the underlying mentality fostering payments platform Afterpay, and the product innovations it delivers. Lizzy Eisenberg, director of market development at Afterpay, shared how this cohort is rewriting the rules of spending. Shaped by their past experiences — growing up during the 2008 recession and later accumulating $1.5 trillion in student loan debt — Millennials are “fiscally responsible and mindful consumers,” in the words of Eisenberg. Not just transfixed by the latest fad (matcha lattes, as Eisenberg joked), Millennials are brushing power consumer territory and should be acknowledged for their unique buying behavior. Eisenberg stressed the importance of speaking to the misunderstood Millennial generation — “the biggest generation in the U.S. this year.” They represent spending power of more than $600 billion in the U.S. and assume over half of the workforce. One in every three dollars is spent by Millennials. How they spend is different from previous generations. Operating with an aversion to credit card debt from tightened purse strings in the past, some 63 percent of Millennials don’t own a credit card. As such, they’re “early adopters” of payments tools, and retailers are benefiting by building increased customer loyalty and average order value, Eisenberg shared. Not only

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