Latest news with #RakheeNaik
The Citizen
23-04-2025
- Business
- The Citizen
How South Africa's Gen Z is redefining financial wellness
Insights from KLA, in partnership with YouGov Profiles, reveal key trends in how young South Africans are managing their money, adopting mobile banking and digital payments, and maximising opportunities to earn money online. Unlike previous generations, Gen Z is prioritising technology-driven financial solutions, favouring convenience, accessibility, and forward-thinking financial products. Their approach to banking, saving, and investing reflects a shift in expectations. 'Gen Z is redefining financial wellness with a tech-first, savings-conscious mindset,' says Rakhee Naik, Managing Consultant, Insights at KLA. 'Their financial behaviour is a blend of optimism, pragmatism, and a strong preference for digital solutions. Understanding these shifts is essential for brands looking to connect with this next generation of consumers.' Key Insights from YouGov Profiles: 75% of Gen Z believe their household's financial situation will improve in the next 12 months, indicating optimism and confidence in their financial future. 70% of Gen Z have a savings account, indicating a strong savings culture. 44% of Gen Z use their smartphones for banking multiple times daily, with features like instant payments and savings tools shaping their financial habits. Mobile banking is key to this generation. 40% of Gen Z use PayPal, while banking apps (38%) and digital wallets like Samsung Pay and Apple Pay (both at 27%) are gaining traction, indicating a rise in digital payments. Insurance adoption is increasing, with 47% of Gen Z holding funeral cover and 44% holding life insurance, showing a focus on financial protection of loved ones. There is a growing interest in investments, as 15% of Gen Z have invested in stocks or money market accounts, signalling an emerging interest in wealth-building products. The data highlights a shift away from traditional banking towards digital-first financial management. Gen Z demands seamless, user-friendly, and accessible financial products that align with their digital habits. Financial institutions and fintech companies that provide customisable, tech-driven solutions are well positioned to serve this emerging market. 'Gen Z consumers expect more than just banking services, they're looking for financial partners who can help them build long-term wealth, manage risks, and navigate the digital economy,' adds Naik. 'With growing confidence in mobile payments, savings tools, and investment platforms, brands would do well to offer education, innovation, and flexibility to stay ahead.' As this generation continues to redefine financial wellness, businesses must embrace digital transformation and forward-thinking strategies to remain relevant. For more information, visit
Zawya
17-03-2025
- Business
- Zawya
The rise of social commerce
Social media has become more than just a space for connection and entertainment, it is now a powerful driver of retail decisions. Data from YouGov Profiles, analysed by consumer insights company KLA, highlights how South Africans are increasingly using social media to discover, engage with, and purchase products. The findings reveal consumer behaviour, where platforms like Instagram, Facebook, and TikTok are reshaping the traditional shopping journey. Engagement with social content, influencer recommendations, and personalised promotions are influencing purchasing decisions in ways that brands can't ignore. 'Social commerce is changing how consumers interact with brands, blending retail with social engagement,' says Rakhee Naik, managing consultant – Insights at KLA. 'Understanding how different audiences engage with these platforms is critical for businesses looking to remain relevant in this evolving space.' Key findings from YouGov profiles: - Browsing without intent leads to discovery. 68% of South Africans say they scroll social media without a specific goal, making them more receptive to product suggestions. - Influencer recommendations can be powerful. 46% of consumers trusting influencer-endorsed products, demonstrating the growing credibility of social media personalities in shaping purchase decisions. - Social media cannot be ignored as a direct sales driver. 42% of South Africans have purchased a product based on a promotion seen on social media. - Advertising preferences are shifting. 23% of respondents prefer engaging with ads on social media rather than traditional websites, valuing the interactive and immersive nature of digital content. - There is a demand for engaging and shareable experiences. 56% of users actively seek visually engaging content they can showcase online, reinforcing the role of creativity in brand visibility. These findings point to the increasing influence of digital and social-first strategies in shaping retail today. With 67% of South Africans increasing their time spent on social platforms, brands and retailers must consider how they connect with consumers, ensuring that their marketing approaches are seamless, engaging, and aligned with new shopping behaviours. The findings from YouGov Profiles provide a snapshot of changing retail habits. As the retail landscape continues to evolve, businesses will need to strike a balance between traditional and digital experiences -ensuring that their marketing and retail strategies align with the way modern consumers discover, trust, and purchase products online. Methodology: Profiles: Segmentation and media planning tool. YouGov Profiles makes it simple to find and understand the audience that matters most to you. With data collected daily, it gives you the power to build and customise a portrait of your consumers' entire world with unrivalled granularity. More than 12,500 variables are available in South Africa. Dataset: 2024-12-29 Nationally representative sample of South African adults with access to the internet, aged 18+
