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Data for today’s episode is provided by Mercator Advisory Group’s Report: Buyer PaymentsInsights: Payment Methods-Consistency and Flexibility
Consumers Prefer Credit Over Debit for These Types of Purchases:
- 44% of consumers prefer to use credit cards for hotel/resort payments; 28% prefer debit cards.
- 41% of consumers prefer to use credit cards to pay for electronics/major appliances; 30% prefer debit cards.
- 31% of consumers prefer to use credit cards for entertainment, casinos, theme parks, and movie theaters; 29% prefer debit cards.
- An equal percentage of consumers (34%) prefer to use credit cards as debit cards at home improvement stores.
- The biggest discrepancy in consumer preference for credit versus debit is airline/travel payments.
- 22% more customers prefer to use credit cards (47%) than debit cards (25%) for airline/travel payments.
Mercator Advisory Group’s most recent consumer survey report, Buyer PaymentsInsights: Payment Methods-Consistency and Flexibility, from its annual Buyer PaymentsInsights series, examines U.S. consumers’ payment habits while shopping for goods and services in-store and online.
The report, which is based on an online consumer survey administered to 3,003 U.S adults between May 21 and June 22, 2021, covers the buyer experience and includes questions that explore consumers’ preferred payment methods, most trusted payment type for information security, knowledge of cryptocurrency, and many more payment-related subjects.
Various aspects of how American consumers interact with the payments’ ecosystem are brought together to highlight key trends in consumer behavior, preferences, and motivations, influenced by consumer perceptions and experiences with payment-related issues associated with payment options in a rapidly changing payment environment.
Readers will be presented with a detailed analysis of the impact of demographic characteristics on consumer behaviors and inclinations, general consumer trends, as well as actionable insights for industry players to consider.
“With so many fraud events associated with payment transactions, information security is at the forefront of many consumers’ minds when shopping in stores or online. As the data shows, consumers prefer a consistent payment method that they trust to ensure information security. Yet at the same time, it’s important to them that retailers provide flexible payment options to address the need for shopping convenience,” said Amy Dunckelmann, Vice President of Research Operations at Mercator Advisory Group.