October 11, 2023 | Blog
Will Shopping Pick Up After All?
This year began with forecasts of a general economic downturn due to inflation and other economic challenges. However, recent surveys reveal changes in shopping behaviors that may provide reason for an optimistic outlook for companies in the retail consumer space, particularly as they look to close out the year on a strong note.
Gen Z, the first totally digital generation, is getting out and taking its spending power in a more traditional direction. More than 3 in 5 (61%) of these 18- to 26-year-old Americans are more likely to shop in-person than online compared to recent years, according to a Faire survey with Wakefield Research.
Shoppers are also taking advantage of payment options to increase their financial flexibility. In fact, a Citizens Bank survey conducted by Wakefield Research shows that nearly half (46%) of Americans who had never used a Buy Now, Pay Later (BNPL) service or do not anticipate using BNPL in the next 12 months would consider it an alternative to help them afford a purchase larger than $500 as prices rise due to inflation.
When it comes to trying new ways of shopping, Americans are willing to see how these fit their lifestyle. For example, a clear majority (63%) have expressed interest in utilizing newer digital methods of shopping, according to a Square survey by Wakefield Research.
However, only time will tell whether the openness to new approaches to shopping will result in more open wallets over the next three months.
Let's Work Together
For media inquiries, email email@example.com. For all other inquiries, including requests for proposals, or to speak with a member of our staff, please fill out our form.