Dangling a cash back offer to customers will lead to increased consumer spend, according to a Dosh study conducted by The Center for Generational Kinetics.

The study, according to a press release, focused on how cash back incentives impact Gen Z and millennial shopping behavior and polled 2,000 U.S. consumers including Gen X shoppers.

The data reveals 80% of consumers would visit a store they hadn’t visited before if given a direct cash back offer and 74% of Gen Z and 70% of millennials spend more money online if they know they will get a 5% cash back.

Additional findings include:
•    76% of millennials and Gen Xers view a store that invests its marketing budget to “pay back” loyal customers more positively than one that spends advertising dollars elsewhere.
•    Almost two-thirds (64%) prefer a single app that delivers cash back from multiple participating merchants over merchant-specific apps.
•    82% would shop more frequently at stores they haven’t been to in a while if they’re notified about a cash back offer.

“The saying ‘cash is king’ continues to reign true. This data reinforces what we’ve seen from brands on the Dosh platform and the behavior of our users: every retail category can benefit by adding frictionless cash back experiences to their digital strategy,” said Ryan Wuerch, CEO and founder of Dosh, in the release.

“The study results highlight that frictionless cash back rewards are a high ROI strategy for merchants to connect with customers of each generation,” said Jason Dorsey, president and co-founder of The Center for Generational Kinetics. “Cash back on a purchase allows consumers to feel appreciated by the brand or merchant and earn incentives without the hassle of extra steps, while enabling merchants to increase new sales and build loyalty at this critical time with customers.”