81% of consumers plan to adjust spending ahead of Black Friday

Credit: Shutterstock
Credit: Shutterstock

On the eve of another mass Black Friday sale this year, Paysafe research found that 81% of consumers are preparing to adjust their holiday season spending habits. 

As the cost-of-living crisis continues to hit consumers’ pockets, retailers have been implored by Paysafe to offer a multitude of alternative payment methods to give consumers as much flexibility as possible when it comes to the checkout process. 

Whilst debit cards and credit cards continue to be the most favourable form of payment for shoppers, 67% and 50% respectively, Paysafe’s survey results showed a noticeable shift towards more diverse payment options. 

Digital wallets have accelerated in usage over the past several years, with 48% favouring this type of payment method. Online cash has also seen a rise in usage as 25% are embracing this digital solution, also known as eCash. 

Commenting on the research, Rob Gatto, Chief Revenue Officer at Paysafe, said: “There is more competition than ever between retailers to ensure they are the final shopping destination for consumers. 

“Merchants who offer multiple payment methods and a seamless payment experience will create differentiation, cater to new audiences and increase conversion rates.”

Despite Black Friday being one of the busiest days and periods of the year for retailers, the cost-of-living crisis has put a dent in citizens’ pockets, as Paysafe revealed that 68% of consumers plan to adjust their spending ahead of the festive season. 

When surveyed, 32% say they plan on spending less on gifts this year, 23% will spend less on food and drink, and 19% intend to spend less on socialising and entertaining during this Christmas season. 

Furthermore, in a bid to save as much as possible due to a rise in prices, 14% of surveyed consumers said they plan on taking advantage of any seasonal deals on offer to help them budget.