Crypto spenders are a new audience for businesses to grow, so it’s essential to know who they are, how much they are spending, and what exactly they are spending crypto on. For merchants to close in on a target audience, learning more about who crypto users and spenders are from age to income class to regions and more is crucial.
Age Groups Spending Crypto
Most crypto-consumers are Millennials and Gen Z, ages 18 to 40 occupying nearly 94%, with 69.8% under the age of 35 – a statistic that has stayed the same since 2021. This could be due to this age range being more technologically literate, lower fees, the attraction of universal currency, or as an easy first step into investment. With Gen X and Boomers occupying approximately 6% of crypto user shares, it’s important to note this is likely due to this age range’s interest in alternative retirement funding. Companies like Forbes recommend Bitcoin IRA as a viable option for modern retirement investment.
The Gender Factor
There has been a significant increase in female crypto adopters, with a 26% turnout. This is an impressive leap from 2021. Male users still take the lead occupying 74% of crypto adopters. This rise in female users could be due to an increase in crypto media and platforms, like Bitgive, making crypto more attractive to female consumers in the push for mass adoption. With that said, regarding crypto payments, only 6.8% of women revealed they plan to use crypto for payments and shopping, while 93.3% of men stated they would use crypto for payments and shopping.
Regarding the class status of crypto users, the overall balance hasn’t changed much in the past years, with the combined middle classes taking the lead. When it comes to transacting with crypto, different income ranges have different concerns. The low-income group is impacted by transaction fees which potentially impede on lack of funds, putting them at 10.5% of crypto users and spenders. However, the middle-class income groups (68.9%) are more likely to use and transact with crypto. This could be due to lower fees than traditional transactional processes or as an easy first step into a potentially value-appreciating investment. High-class users come in at 20.6% likely because they are more tolerant of transaction delays and high fees of traditional methods, deeming the necessity to break away from traditional ways non-urgent.
Crypto Spenders Pay Double
The average order value of crypto users is twice as much as traditional currencies. In 2021 Visa announced that over $1 billion was spent since they added a cryptocurrency payment option. Furthermore, in 2022, over 70% of crypto-consumers spend over $100 in crypto a month, while 32% spend more than $1,000 monthly. Retailers are anticipating implementing crypto payment services.
Start Accepting Crypto Payments
Interested in a way to cash in on cryptocurrency without the risk of a volatile market or studying the world of bitcoin? With ForumPay, you can accept any cryptocurrency from customers and turn it into a traditional currency that same day.
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