Gen Z Doubles Time Spent on Finance/Trading Apps During Pandemic Year

New data from ‘The Pandemic Year in Mobile Apps’ report conducted by Global Wireless Solutions (GWS) shows that consumers spent an average of four hours per day on their smartphones during COVID-19––up ten minutes per day when compared to mobile usage pre-pandemic. When looking at types of apps––such as social media, video, games––time spent on personal finance/trading mobile apps grew the most during the pandemic year (63%).

This growth was fueled by Gen Z consumers who clocked a 102% increase in total hours. Time spent among all consumers on social media apps increased by 25% during the pandemic and accounts for the most amount of time consumers spent on their phones––more than an hour per day.

“When Coronavirus took hold, smartphones became further cemented as a link between isolated consumers and the world at large, thus their usage is increasingly becoming an accurate reflection of human behavior on the whole,” said Dr. Paul Carter, GWS Founder and CEO. “We expect that sustained consumer mobile behavior changes will have a lasting effect on how consumers engage with businesses over the long term and will be a major aspect to establishing what normal looks like now.”

Other key takeaways from The Pandemic Year in Mobile Apps report include a more in-depth look at a day in the life of a consumer as seen through interactions with their smartphones. In particular, the following provides key insights into how consumers spent their time accessing certain types of apps during the pandemic. And since not all consumers are the same––some may focus more on lifestyle apps (such as shopping, dining, and directions), games, or finance––GWS looked at “power users” for these categories as well (i.e., consumers who spent 20% more time than the national average in a given category):

People look to better manage their money

While consumers flocked to day trading and crypto trading apps, financial hardship was evident through massive usage growth of food stamp mobile apps. Every generation increased time spent on finance apps, with Gen Z leading the charge more than doubling the amount of time they spent checking out their finances (102%) and, in particular, their investments (127%).

  • Investment app usage soars. Mobile trading apps, including those that enable consumers to trade cryptocurrencies, accounted for 35% of time spent by all consumers on finance apps during the pandemic year.
  • Robinhood leads the way. Time spent on the no-commission-fees trading app increased by 183% during the pandemic. And financiers (power users who spend more time on finance apps than the average) spent 28% of their finance app minutes on two apps: Robinhood and Square’s Cash app.
  • Food stamp app usage reflects COVID financial hardship. Time spent on food stamp management app, Fresh EBT increased 152% during the pandemic.

TikTok dances take over social media

With stay at home (or close to home) mandates taking effect across the country, Americans turned to social media to connect and entertain.

  • TikTok became a must-have pandemic app, with time spent creating videos increasing nearly four times (380%).
  • Nextdoor helped neighbors stay connected and informed, with time spent on the app increasing 53% during the pandemic year.
  • Socialites (the power users of social media apps) spent 358% more time on TikTok, 28% more time on Snapchat, 19% more time on Instagram, 15% more time on Twitter, and 10% more time on Facebook during the pandemic year.

Shopping and dining shift to mobile apps

More Americans turned to food delivery services and online shopping to weather quarantine periods––shifts that may endure beyond the pandemic.

  • Gen Z paces mobile app usage. Gen Z increased time spent on lifestyle apps the most (50%), while every other generation increased time spent at nearly same rate (17% on average).
  • DoorDash and Uber Eats lead the way. During the pandemic year consumer’s time spent on DoorDash increased 166% and Uber Eats increased 121%.
  • Consumers embrace mobile app one-stop shopping. Time spent on the Walmart app increased 74%, Target app increased 62%, and the Amazon Shopping app increased 58% during the pandemic.
  • Consumers embraced mobile apps, but not mobility. Power users of lifestyle appsspent less time moving around town: time spent on maps and navigation apps like Google Maps was down 17%. What’s more, time spent on Grubhub driver, Uber Eats driver and Dasher (Door Dash drivers) increased 61% while Uber and Lyft driver apps dropped by 40%, showing a market shift from time driving for ride share to time driving for food delivery.

Everyone is a star (or wants to be)

Americans watched nearly 42 minutes of video per day on their mobile devices, with growth in time spent on video apps paced by Gen Z (up 44%) and Baby Boomers (up 10%).

  • HBO maximizes launch. From its May 2020 launch, time spent on HBO Max grew 513%; total time spent on Disney+ grew 92%.
  • Consumers have itch to Twitch. The live streaming platform, popular with gamers, saw total time spent on the video app jump 91% during the pandemic year, while YouTube grew by 12%.
  • Videophiles (power users of video streaming apps) spent an average of 156 minutes per day watching videos; 31 minutes per day on subscription-based mobile video apps; and nearly two hours per day watching videos on YouTube (115 minutes/day).

Gaming brings consumers together

Multiplayer online gaming served as a much-needed connection point for many during the pandemic.

  • Among Us users played 33% more minutes per day during the pandemic.
  • ROBLOX users played 19% more minutes per day and the number of new users grew by 38% during the pandemic.
  • Pokémon GO users played 9% more minutes per day during the pandemic.
  • Discord (a voice, text and video messaging app designed to connect gamers) users chatted 18% more minutes per day during the pandemic.
  • Gamers (power users of game-related apps) spent 19 more minutes per day on their smartphones overall.

Stuck on the sidelines

With all major sports leagues shutting down, delaying or shortening seasons, fans had little use for their sports or betting apps.

  • Sports fans pivot to trading. Sports fans(power users of sports related apps) increased time spent on finance apps by 73% during the pandemic.
  • Sports app usage by fans decreased by three minutes per day or 22 minutes per week.
  • Fantasy and betting hit hard. The deepest dips in time spent by all consumers were felt by ESPN Fantasy (38%), DraftKings (37%) and Bleacher Report (35%).

You may have missed