Is This The End For Cash? 62% of Aussies Now Use Card Payments For Just About Everything

Is This The End For Cash? 62% of Aussies Now Use Card Payments For Just About Everything
SHARE
THIS



A study by real-time consumer insights firm Toluna has found the COVID-19 pandemic has accelerated digital adoption amongst consumers with 62 per cent saying they now use cards to pay for everything where possible.

As retailers shuttered their doors, bank branches closed, and social distancing encouraged online grocery purchases, many consumers made their first online purchases. And while online shopping and digital streaming services are up, many shoppers still prefer to go in-store for key personal items.

Banking & payments 

With cash payments now frowned upon for hygiene reasons, it seems the majority of Australians prefer digital or card payments. According to the survey, 62 per cent of respondents now use digital or card payments for every purchase, where possible.  

Other digital payment options are also on the rise: 

  • 60 per cent said they’re now very comfortable managing their financial services online, 
  • With 59 per cent stating that now they’re used to managing their financial services online, they’re happy to continue doing this moving forward 
  • 38 per cent are happy to get advice from financial institutions either online or via video 
  • And 50 per cent would now like to see more innovation from financial institutions in terms of what kinds of services they offer 
  • Finally, 61 per cent believe financial institutions should continue offering the same level of flexibility post-pandemic as they have done throughout the crisis 

Shopping preferences
Despite the recent spike in online sales, a higher percentage of respondents still prefer to shop in store:  

  • 46 per cent would much rather buy their personal care and toiletries in store (vs 11 per cent who would prefer to buy these online. The rest were somewhere in between)  
  • 57 per cent would much prefer grocery shopping in store to online (vs eight per cent who prefer online) 
  • 39 per cent would strongly prefer to buy clothes in store (vs 11 per cent who prefer online clothes shopping) 
  • 40 per cent have a strong preference purchasing cosmetics and other beauty products in store (vs 14 per cent who prefer online) 
  • 32 per cent would rather buy tech items in store (vs 15 per cent who have a strong preference for online) 

Working from home
Although many expect a rise in remote working, 43 per cent of respondents stated they would be happy to, and even want to, return to their workplaces. Some 11 per cent said they want to return but don’t feel it’s safe yet. Only 13 per cent stated they didn’t want to return at all.

Keeping fit
Even fitness has gone online, with 12 per cent having taken part in free online or virtual fitness routines, and 6% having subscribed to paid fitness routines. With gyms having been closed on and tight restrictions, 25 per cent have moved their exercise outdoors and nine per cent have bought or hired home exercise equipment. Only 19 per cent said they’d let their fitness routines slip completely.

Health concerns
Compared with an earlier barometer in mid June, a greater number of Australians are (unsurprisingly) concerned about a second wave of COVID-19. In June, 49 per cent of respondents were more worried about a second wave than the economic downturn, compared to 42 per cent who were more worried about the economy.

Now, as Victoria’s numbers continue to spike, 56 per cent of Australians are more concerned about a second wave than the downturn, verus 38 per cnet who are more worried about the economy.  

If lockdowns were placed across Australia once again, nearly half (44.7 per cent) of respondents would be ok to stay home for longer than 12 weeks. Some 11.37 per cent for 9-12 weeks; 26 per cent for 5-8 weeks, and 11.85 per cent could only manage if it was less than four weeks. Only six per cent of respondents would not be able to cope with lockdowns being reimposed.  

Commenting on the findings, Stephen Walker, business sirector, Toluna, Australia & New Zealand, said: “Australians have been forced to drastically change the way they bank and shop during the crisis, highlighting the necessity of real time insights.

“Although we expect to see a continued change in consumer habits, it’s encouraging for retailers to see many shoppers will still continue to come in store, when safe to do so. With many consumers preferring the convenience of digital payments, both retailers and financial institutions must closely monitor evolving consumer perceptions and habits and adjust their services accordingly to ensure shoppers have access to a number of payment options at their fingertips,” Walker said.

Please login with linkedin to comment

Toluna

Latest News

Sex, Sins & Single Source Storytelling
  • Opinion

Sex, Sins & Single Source Storytelling

In this guest post, Jen Dobbie (main image), creative director at Hotwire Australia, says ultimately advertising is merely storytelling and offers her expert tips to put more zing in your brand’s tale… The Wicked Bible is a deliciously named, and tempting title for a storied series of mistakes published in 1631. Its pages house the […]

Opinion

by B&T Magazine

B&T Magazine
Blooms The Chemist Comes Up With Creative New Media Portal To Handle Its Physical And Digital Campaigns
  • Campaigns
  • Technology

Blooms The Chemist Comes Up With Creative New Media Portal To Handle Its Physical And Digital Campaigns

Blooms The Chemist is digitising how it manages owned media, rolling out a dedicated supplier media portal capable of managing in-store and online campaigns across its 110+ pharmacies. The Australian pharmacy sector has seen significant growth, accelerated by the COVID-19 response. At the peak of the country’s pandemic, retail pharmacy sales surpassed $800 million, up […]

IDC And Data.ai Study Shows Mobile Vs. Console Gamer Gap Is Getting Even Bigger
  • Technology

IDC And Data.ai Study Shows Mobile Vs. Console Gamer Gap Is Getting Even Bigger

data.ai (formerly App Annie), the first unified data ai company, today in partnership with IDC, released the Gaming Spotlight 2022 report. Powered by Game IQ, the report reveals that mobile gaming represents 61 percent of the overall gaming market which is set to hit $222 billion in 2022. The report reveals that mobile gaming is […]

Emplifi First Quarter Report Shows Investments On Ads Are Up But User Engagement Is Flatlining
  • Marketing

Emplifi First Quarter Report Shows Investments On Ads Are Up But User Engagement Is Flatlining

Emplifi, the leading unified customer experience (CX) platform, today revealed the findings of its Q1 2022 analysis of social media spend across thousands of brands worldwide including those in Asia Pacific (APAC). While overall social media ad spend decreased in the first quarter following an impressive holiday showing, it remains significantly higher than a year […]

Reconciliation Australia Launches National Reconciliation Week Campaign Via Carbon Creative
  • Campaigns

Reconciliation Australia Launches National Reconciliation Week Campaign Via Carbon Creative

Reconciliation Australia and Carbon Creative will launch National Reconciliation Week 2022 tomorrow, Friday, 27 May (running through to 3 June) with the theme ‘Be brave. Make change.’ The theme and campaign, developed by social change creative agency Carbon Creative in collaboration with emerging Torres Strait Visual Artist Tori-Jay Mordey, challenges all Australians—individuals, families, communities, organisations, […]

Today Is National Sorry Day
  • Media

Today Is National Sorry Day

B&T would like to take time out from the usual programming to acknowledge National Sorry Day today.

‘The Sims 4’ Now Lets You Use Your Own Pronouns For Your Characters
  • Technology

‘The Sims 4’ Now Lets You Use Your Own Pronouns For Your Characters

The latest entry in EA and Maxis’ life simulation series, The Sims 4, has released a new update which allows players to customise their character’s pronouns. This new feature is available only in the English version of the game for the time being, with the developers saying that they will soon release it for other […]