Cash App recently published its first financial trend report, titled, “That’s Money,” which uses its peer-to-peer (P2P) payments to look at consumer behavior and spending habits. The digital wallet and leading financial app in the U.S. looked at year-to-year percent increases from its P2P payment notes language from June or July 2023 as compared to June or July 2024.
The top mentions on Cash App for 2024 were Taylor Swift, Sabrina Carpenter, Chappell Roan and Charli XCX. With the sold-out Eras Tour, mentions of “Taylor Swift” surged 602 percent from July 2022 to July 2024. The report’s authors found that fans were spending on the artist’s “merch,” “vinyl,” “karaoke” and “club” nights.
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Meanwhile, mentions of “Sabrina Carpenter” shot to an eye-watering 2,575 percent from May to June of 2024 after her tour announcement. Generation Z also drove most of the 87 percent mention increases from June to July 2024 for “Chappell Roan” mentions as Roan became one of the hottest emerging artists on the pop scene. And mentions of “brat” with Charli XCX’s album of the summer rocketed to 540 percent from April to July 2024.
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On the beauty side, “clean girl” aesthetic mentions have skyrocketed by 700 percent year-over-year while “anti-aging” surged by 300 percent in relationship to creams and facials. Mentions of “thrifting” have also seen a 47 percent increase in mentions year-over-year. Two notable sustainable style keywords Gen Z is using “vintage” and “Goodwill” in their payment notes, while Millennials are using “DIY” and “handmade.”
“An interesting trend is how P2P users are spending in alignment with their values,” said Lindsay Bryan-Podvin, financial therapist at Cash App. “Younger generations are eco-conscious, and mentions of ‘thrifting,’ ‘vintage’ and ‘DIY’ are up.”
Notably, women’s sports have also become a major moment of mentions among Cash App users — mentions for “WNBA” increased by 200 percent from April to July 2024 and an 80 percent increase year-over-year.
The report also found that pickleball has also seen a surge of interest over the past year, with mentions up 100 percent year-over-year, with Gen Z being the major demographic with its popularity. And paddle has taken up the second place in interest, with a 33 percent increase.
“The findings from ‘That’s Money’ reflect that people are craving in-person community events, especially in the wake of COVID. Playing pickleball, going to concerts and attending sporting events are great ways to connect with others. And it goes beyond the friends you attend an event with; being a part of something that is in the cultural zeitgeist helps us feel connected and a part of something more meaningful,” said Bryan-Podvin.