What types of Kiwis buy cryptocurrency?
It’s deemed a ‘young person's’ game by some, a male-dominated industry by others, a fool’s errand by a few, so here we lift the lid on some basic demographics of the 5000+ New Zealanders that have bought cryptocurrency through our platform and present it to the world.
As a disclaimer, we take our users privacy very seriously and so only took a random sample of anonymous users for this study. Furthermore, we only hold basic demographic data such as age, gender and city of residence. This is the data we used.
So let’s get into it.
To start, we looked at the age demographics of our users. There are 6 key age groups here, 18-24 year olds, 25 - 34 year olds, 35 - 44 year olds, 45 - 55 year olds, 55 - 64 year olds and 65+.
To be expected, the most popular demographic that are buying cryptocurrencies in New Zealand were 25 - 34 year olds who composed 32% of cryptocurrency buyers. However, coming in hot on their tail were the 35 - 44 year olds who accounted for 27% of users buying crypto. Even more surprising was the fact that 45 - 55 year olds and 55 - 64 year olds each both easily beat 18 - 24 year olds who only represent 9% of the Kiwis buying cryptocurrencies, showing that cryptocurrencies might not just be a young person’s game after all.
In terms of individual winners, there was a tie for the oldest person buying cryptocurrency, two 83 year olds took out that title. The youngest person buying cryptocurrency was 8 years old (bought on behalf of them by their parents until they turn 18).
Below is a graph illustrating the different age groups buying cryptocurrencies.
So who spends the most money on Crypto?
We looked at how much the average person in each age groups spends on Bitcoin and Ethereum. We initially thought that as the 25 - 34 year olds seem so eager to buy crypto they would be spending the most...
But as it turns out, the 45 - 54 year olds spend a whopping 25% more on crypto per person compared with 25 - 34 year olds. One of the reasons for this would be the amount of savings or investment money this older age group has to spend compared with 25 - 34 year olds.
So the older you are the more money you are likely to spend on Crypto?
It seems so as coming in second are the 55 - 64 year olds, spending 13% more on average per person then the 25 - 34 year olds, and not far behind them are the 35 - 44 year olds with an average spend of 11% more than 25 - 34 year olds. The most conservative spending group, not surprisingly are the 18-24 year olds who have little spare change to buy crypto whilst studying or after only a few years in full-time employment.
The graph below shows the average spend per person in each age group
In which areas do Crypto Loving Kiwis live?
As Vimba is based in Auckland this data may be slightly skewed. We have held many crypto events here and given out more flyers outside Britomart then we can count!
This may be part of the reason why the biggest crypto loving city in New Zealand is Auckland where 49% of NZ crypto buyers live. Wellington, Christchurch, Hamilton and Tauranga each follow behind with cities such as Palmerston North, Nelson and New Plymouth showing strong crypto support as well.
Why does Auckland have such a large share of the crypto buyers?
Our guess is that the population size of Auckland is the key factor here, also the tech community and the cosmopolitan makeup of Auckland provides a variety of people that fit the demographic of a crypto buyers.
Below is a graph showing the Crypto Loving cities of New Zealand
Boys vs Girls
One stereotype that has been around as long as Crypto is the fact that it is an industry dominated by males. Whether they are buying cryptocurrencies, starting crypto businesses or writing about crypto. This stereotype seems to have been further cemented by this review as below we can see 75% of the people buying crypto in New Zealand are men compared with 25% that are women. This seems to be a trend without a real answer as to why. As cryptocurrencies continue to become more popular and more widely used we hope to see this even out to a more 50/50 split.
Kiwi cryptocurrency buyers make up a broad and diverse range of people living all over New Zealand. Crypto is not just for the young and they are not just for people living in large cities. Many people see value in this new technology, as do we and our aim at Vimba is to not just sell cryptocurrencies to Kiwis, but to educate them about the benefits and revolutionary changes they bring.
We hope to see an even more diverse range of Kiwis buying cryptocurrency this time next year, we’ll be sure to let you know when we do another user review in 2019!