Consumers and merchants are open to a world of opportunities in the new global economy, and no other group is taking greater advantage of this than the millennial generation, said Rahul Shinghal, General Manager for PayPal Southeast Asia at a recent press conference.
Research by the company showed that 79% of APAC Millennials (between ages 18 to 34) have shopped online within the past 12 months and this is higher than the global average of 73%.
In Singapore, 80% of millennials in Singapore have shopped online in the past 12 months, out of which 69% has done cross-border online shopping. This percentage of cross-border online shopping is the highest out of countries surveyed in Asia Pacific.
According to the study when shopping online, it is evident that Singaporean Millennials also look beyond tangible goods and instead, focus on authentic experiences that reflect their passions and interests. This is illustrated in their spending power on intangible goods such as entertainment (40% of millennial online shoppers purchased in this category in the past 12 months), travel (58%) and event tickets (54%).
There is also a need for speed when it comes to this group of online shoppers, who expects faster and frictionless shopping experiences. Nearly half (49%) of Millennials shoppers said that fast delivery would make them more likely to make a purchase from another country.
The survey was released as part of the Singapore launch of ‘New Money’ – PayPal’s vision for money, payments and commerce that champions a better way forward for its consumers and merchants in Asia Pacific.
“We believe New Money unlocks greater opportunities for all our customers. It has no curfew. No queues. No passport needed. You’re no longer locked into an institution, a location, a currency. With no borders and boundaries, New Money lets you buy and sell to anyone, anywhere in the world, with the knowledge that whether you’re buying or selling, your eligible transactions are protected with PayPal,” Shinghal said.
(Read more here: PayPal's new money campaign: A new beginning for the brand?)
In tandem, millennial merchants are creating new idea-based businesses, ushering a new wave of entrepreneurship that are not limited to one market as seen in PayPal merchants Naiise, Stripes, and KFit.
According to Shinghal,t he allure of being an entrepreneur amongst Millennials has never been greater, arising from the combination of how digital payments and social platforms have become mainstream. This is coupled with an independent self-starter spirit that is driving a wave of innovation to achieve purpose-driven work and life.