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Data for today’s episode is provided by Mercator Advisory Group’s report – Tech Forward Shoppers: A Retailer’s Dream.
What a tech forward consumer looks like and how do they spend:
- Tech forward consumers tend to be fully employed (59%) with a household income exceeding $100K (37%)
- 44% of tech forward consumers are aged 18-34 and 57% are married
- credit, cash, and debit spend are roughly equally preferred among tech forward, average and laggard consumers
- But tech forward consumers are dramatically more likely to prefer the following three payment methods:
- 41% of tech forward consumers prefer online payment services like Paypal, compared to 21% average
- 37% of tech forward consumers prefer universal payment apps, compared to 12% average
- 25% of tech forward consumers prefer a single-retailer mobile payment app, compared to 10% average
About this report
Mercator Advisory Group’s latest Primary Data report, Tech Forward Shoppers: A Retailer’s Dream is the based on the company’s 2019 Buyer PaymentsInsight Survey (formerly Customer Merchant Experience Survey). The online survey of 3,000 U.S. adult consumers, which was conducted in March 2019, explores consumers’ merchant experiences as they shop in-store, online, and via mixed channels. The survey was designed with the goal of defining and highlighting consumer expectations for optimal experiences with merchants.
This third report of three on the survey’s findings looks more specifically at the emerging behavior patterns of customers as they shop in-store, online, via mobile. The report’s analysis of the findings offers insights into how consumers shop, how their attitudes toward technology impact their shopping behavior, and how loyalty program membership drives the way they shop.