Experiences Reign Supreme During Squeeze on Consumer Finances, According to Paysafe
Research released by Paysafe highlights how consumers are prioritising expenditure and how they are paying for it
The research also revealed that over
The report surveyed 14,500 consumers across
Despite the prioritisation of experiences, against a challenging economic backdrop, budget consciousness appears to be top of mind for many consumers. Forty-seven percent of consumers said they’d abandoned their carts at the checkout due to tighter budget constraints and would rather make purchases during seasonal sales or discounting events like Black Friday (
Over half (
eCash has seen a major jump in consumer adoption (now
Commenting on the research, Rob Gatto, Chief Revenue Officer at Paysafe, said: “Our research shows that experiences are paramount – whether that’s where consumers are looking to spend their hard-earned cash, or how they are checking out for essential items. Even before the squeeze on household finances, consumers were already comfortable abandoning their carts. Now that they have the additional concern of tight budgets on their minds, they'll be even more likely to do so if they're hit with surprise shipping fees, can't use their preferred payment methods, or encounter other unwanted friction points at the checkout. It’s never been more important for online businesses to ensure their checkout is optimised for a seamless customer experience.”
For additional takeaways from the research, as well as further analysis, download the full report: Lost in Transaction Consumer Payment Trends 2023: How consumers’ shifting priorities are impacting the experience economy.
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NOTES TO EDITORS
Paysafe will be at Money20/20
About the research
The research*, which was conducted on behalf of Paysafe by Sapio Research in April 2023 and covers the
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With 25 years of online payment experience, an annualized transactional volume of over
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Source: Paysafe