COVID-19: Consumer Spending Insights
A Look Into Payment Methods
TSG conducted a survey of 483 consumers in the U.S., with the goal of understanding the impact COVID-19 has had on the way the U.S. consumer pays for goods and services. The survey was conducted on April 20th, 2020.
As payment providers look to respond and support their merchants during this time of uncertainty it is important to understand the payment trends that are unfolding, which in turn impact the consumers that shop at their stores.
Complete the form to download an infographic focused on payment method insights.
Did You Know?
- Concern for germ spread at the point of sale was shared by consumers across all regions and age groups, and many have decreased their use of credit/debit cards since the pandemic began.
- Once restrictions are lifted, consumers are planning on increasing their spending at brick and mortar stores.
- Although contactless payments could slow the spread of germs, consumer education and merchant adoption continue to hold back adoption.
- As cash use continues to decline, digital wallet usage has increased, although preferred apps vary across regions and age groups.