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A new study on payment trends shows that 81% of consumers are adjusting their food shopping behavior and spending.
LONDON, Nov 16, 2023–(BUSINESS WIRE)–With the festive season approaching and consumers indicating they are changing their grocery shopping habits, this is a critical time for merchants to reevaluate their payment method, as that 62% of consumers would do so. Walk away from a purchase if you face checkout headaches, according to new research from Paysafe (NYSE: PSFE).
The leading invoice platform has discovered that offering a greater diversity of payment features is important today for giant and small online businesses. Despite the continued popularity of classic payment strategies, such as debit cards (67%) and credit cards (50%) for purchasing food during the holidays, the effects showed a notable shift toward payment strategies of choice (APM). For example, 48% of consumers favor virtual wallets when purchasing groceries online during the holiday season: 41% use bank transfers and 25% adopt online money payment solutions, also known as eCash. eCash seems especially popular in Peru (36%) and Brazil (31%), while Germans are the biggest users of virtual wallets (61%).
Surveyed 14,500 consumers in Europe, North America, and Latin America for Paysafe’s Lost in Transaction 2023: Disposable Income Report: How Consumers Are Converting Their Discretionary Spending.
The study also shows that emerging living prices will particularly replace food shopping behavior during the holiday season, with 81% of consumers making plans to adjust their spending. By comparison, this figure rises to 91% in Peru but drops to 68% in the UK. With tight budgets, 33% of global consumers plan to spend less on gifts (42% less in Chile), 22% less on food and beverages, and 19% will spend less on socializing and entertainment during the holiday season. Italians are the least likely to spend. They cut their spending on food and beverages (14%) and Austrians are the least likely to cut their socializing and entertainment budgets (13%).
While 21% indicated they plan to leverage seasonal giving to manage their budget; 20 percent said they were prepared for the higher prices of the holiday season by saving at the beginning of the year.
Commenting on the study, Rob Gatto, Chief Revenue Officer at Paysafe, said: “There is more festival than ever between stores to ensure they are the final destination for consumers to shop. Merchants that offer payment strategies and a seamless checkout experience will create differentiation. Array will be successful in new audiences and increase conversion rates. “
About the research
The study, conducted on behalf of Paysafe through Sapio Research in October 2023 and in the UK, US, Canada, Germany, Austria, Bulgaria, Italy, Peru, Chile, Brazil, Mexico, Colombia, Argentina and Ecuador, explored the evolution of consumers. spending behaviors and attitudes toward payments.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE. WS) is a leading billing platform with extensive experience in servicing merchants and consumers in the global entertainment industries. Its main purpose is to enable businesses and consumers to connect and transact seamlessly. through payment processing, virtual wallet, and online payment responses. With more than 20 years of experience in online invoices, an annualized transaction volume of more than $130 billion in 2022, and approximately 3300 employees in more than 12 countries, Paysafe connects businesses and consumers. through more than a hundred payment types in more than 40 currencies worldwide. Delivered through a built-in platform, Paysafe’s responses are geared towards mobile-initiated transactions, real-time analytics, and the convergence between physical and online invoices. More data was provided in www. paysafe. com
See the edition on businesswire. com: https://www. businesswire. com/news/home/20231116867715/en/
Contacts
Paysafepr@paysafe. com Press Office