A holiday opportunity for retailers
A majority of shoppers say they would spend more this holiday season if they had a wider variety of payment options.
Mobile payments leader Square released new insights on holiday spending and shopper expectations around payment options at businesses. The survey of 2,000 Americans found that shoppers plan to spend around $1,300 this holiday season and that the flexibility to pay over time can make a difference in where they plan to shop. The survey also found that consumers indicate shopping at small businesses is top of mind all year round, making it important for businesses to have the right tools in place to accept any way a customer wants to pay any time, including the holiday season.
“We know that consumers prefer to support small businesses whenever they can, and we want to make sure this holiday season is no exception,” said Jacqueline Reses, Head of Square Capital. “We’re excited to see what a level playing field can do for small business sales now that more sellers have access to financing options that provide flexibility to their shoppers.”
The survey also revealed that customers may be more apt to frequent a brick and mortar location this holiday season to make a large purchase, with 72% of consumers preferring to shop in person for purchases over $250. Additional survey findings that provide insight into the 2018 holiday season include:
- The majority of consumers (84%) indicate they prefer to support small businesses whenever they can
- Almost half (45%) of consumers anticipate making a large purchase during the upcoming holiday season (spending over $250+ on a single item)
- Over half (56%) will begin shopping before Thanksgiving and of those, 23% started their shopping by August of this year
- 61% of consumers indicate they would feel more comfortable spending more this holiday season if they knew they would have the ability to pay for purchases over time
- In fact, 68% indicate they would be more likely to consider a small or local business if they offered financing options
The Square Capital Consumer Shopping Survey statistics are based on an online survey of 2,000 U.S. adults over the age of 18, conducted Aug. 15-20, 2018 by Square Capital, LLC. Results are weighted to approximate demographic representation in line with the United States Census Bureau 2017 Current Population Survey. The study has an overall margin of error of ±2.19% at the 95% level of confidence.