Credit Crunch Trends

Trend - While personal finance management apps have existed for over a decade, the introduction of artificial intelligence (AI) and data collection algorithms have made recent apps far more effective than before. These modern budgeting apps are used to prevent unnecessary spending while saving toward goals.

Insight - The extensive convenience of modern e-commerce platforms, such as Aliexpress, Temu, or Amazon, has led to consumers from Gen Z to older Millennials constantly facing targeted product advertising. This has led to an impulse spending problem in many consumers who purchase frequent low-cost products, unaware of how quickly these purchases add up. More tech-savvy Gen Z and Millennial consumers, in an effort to curb this aspect of e-commerce culture, are turning to budgeting apps powered by AI.