The Strawhecker Group (TSG) and Visa teamed up to survey a representative sample of U.S. consumers, and analyzed Visa’s proprietary spend data, with the goal of understanding how the COVID-19 pandemic has impacted consumer lifestyles, payments trends, and how behaviors may change after the pandemic.Read some of the highlights below and click here to download TSG and Visa’s infographic, Purchasing in a Pandemic.
48% of consumers surveyed decreased overall spending since the pandemic started, but 28% of the respondents have increased their spending.26% of surveyed consumers expect to use cash less after the pandemic than before and 18% expect their use of cash to increase.41% of respondents reported they have a contactless credit/debit card, showing there is lots of room to grow consumer access. Of those respondents, 60% use their contactless card for at least half of their purchases.Consumers are currently most comfortable with social activities such as smaller events and being outdoors. An average of 41% of consumers are comfortable resuming their normal lifestyle now, including those that are comfortable if they at least take protective measures such as social distancing.
Panel information: The Strawhecker Group (TSG) and Visa Consulting & Analytics (VCA) surveyed 569 consumers in the U.S., with the goal of understanding how the COVID-19 pandemic has impacted consumer lifestyles, payments trends, and how behaviors may change after the pandemic. The survey was conducted on July 20, 2020. All the results are from the perspective of a U.S. consumer. The survey represents consumers across various U.S. regions and age groups. The survey was conducted with a +/- 4% margin of error at a 95% confidence level.
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