The Strawhecker Group (TSG) and the Electronic Transactions Association (ETA) surveyed nearly 1,000 U.S. consumers in November to understand spending habits, payments preferences, and opinions on emerging payment technologies this holiday season.
Read some of the highlights below and download TSG and ETA’s infographic, Home (Shopping) for the Holidays.
- 64% of consumers plan to spend the same or more than they did last year, while over 36% plan to spend less than 2019
- For in person purchases, 54% said they most preferred to use traditional credit/debit cards when shopping.
- TSG’s Acquiring Industry Metrics (AIM) platform, shows a 9% increase in consumer spending using credit/debit cards from February 1, 2020 to November 1, 2020
- From before COVID-19 to present consumer spending on credit/debit cards increased 32% in both the grocery and retail store segments.
- 61% of consumers who have tried contactless reported a positive impression and plan to continue usage in the future
- 65% of consumers have never tried digital ‘Buy Now, Pay Later’ options
- Some expressed an interest in trying BNPL, but were concerned about security, overspending, and figuring out it works.
Panel information: TSG and the ETA conducted a survey consisting of 961 consumers in the U.S., with the goal of understanding payments preferences and spending trends this holiday season. The survey was conducted between November 9, 2020 and November 11, 2020. All results are from the perspective of the consumer. The survey represents consumers across various U.S. regions and industries. The margin of error is +/- 4.2% at a 99% confidence level.
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