Young people like mobile wallets and are OK with getting certain marketing messages via SMS, according to the 2023 Consumer Trends survey conducted by mobile engagement platform provider Vibes.
Interest in Mobile Wallets
The firm says that 54% of those between 25 and 54 years old say that they are using a mobile wallet or are interested in doing so. They say that they would use the digital wallets to store items such as digital offers and loyalty cards.
The survey of more than 1,000 “mobile-centric” smartphone users found that more than 70% are likely to save and redeem personalized mobile wallet offers or coupons that are enhanced with their names and customized to their shopping preferences.
SMS Marketing
The survey found that young consumers favor SMS to email as their primary communications channel from brands. A particularly interesting finding is that 28% of respondents under 40 years old cited too few messages as a reason to stop communications from a brand.
More than 40% are willing to provide a brand with their name, zip code and zero party survey data in exchange for better personalization. Salesforce defines zero party data as that which “a customer intentionally and proactively shares with a brand.”
The takeaway is that consumers – especially younger ones – are willing to share information if they are given something that they consider valuable in return.
“Consumers are telling us that they’ll gladly interact with brands on their smartphones, as long as offers are personal, timely and relevant, and if they allow them to take the next step to using a mobile wallet,” Jay Hinman, Vibes’ Vice President of Marketing, said in a press release. “Nearly 70% of consumers already receive text messages and push notifications from brands on their phones, and younger consumers in particular are saying that they love it, with many saying they want even more.”