20 April 2017
The Millennial Influence - South East Asia
This research into South East Asian millennials’ payments behaviour completes our examination, for now at least, of the opinions of perhaps the most studied of all generations in recent times. But we have an ongoing commitment both to inform and shape the discussion about the future of payments systems, to understand what millennials are doing and thinking as they mature, and to explore the habits and perceptions of the generations that follow.
Millennials are coming of age – the oldest of them are hitting the peak of their economic productivity and their greatest purchasing power. Meanwhile the youngest are exploiting technology in ways we never anticipated, and contending with the economic realities of a world that appears to have faltered in its previously inexorable progress. Their choices, their behaviours and their concerns will profoundly shape developments across every spectrum of business and commerce, and nowhere more so than in the way they move and exchange their money.
The first phase of our research focused on the US. We then looked at Europe, and now we are examining the views and behaviours of millennials in South East Asia. Our purpose is to understand how millennials feel about the way they move money – how they pay and how they are paid – and, in particular, to take their temperature with regards to mobile payments, the next major development in banking and one in which they are heavily invested.
Hearing what millennials around the world think has been fascinating, and the compulsion to jump in, make comparisons between millennials’ views in different regions and draw conclusions is almost overwhelming – the data is so rich. But before we make those comparisons – and we will – it’s absolutely vital that we let the region and market-specific insights land properly; let them sink in so that we appreciate the nuances and can reflect on what they mean in the context of these individually huge markets.
You only have to consider the endurance of the cheque in the US while it dies in Europe, or consider the enhanced role of the ATM in Thailand to see that drawing universal conclusions is a dangerous game.
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