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

Malcolm Turnbull Calls News Corp “The Most Powerful Political Actor In Australia”
  • Media

Malcolm Turnbull Calls News Corp “The Most Powerful Political Actor In Australia”

Former Australian Prime Minister Malcolm Turnbull has called for News Corp Australia to be held to account after describing the organisation as “the most powerful political actor in Australia”. Fronting a media diversity inquiry on Monday, Turnbull claimed News Corp Australia had surpassed both the Coalition and Labor as the nation’s most powerful political force. […]

by B&T Magazine

B&T Magazine
The Economist Intelligence Unit Launches “EIU Viewpoint”, Political And Economic Analysis Platform
  • Media

The Economist Intelligence Unit Launches “EIU Viewpoint”, Political And Economic Analysis Platform

The Economist Intelligence Unit (EIU), a division of The Economist Group, has announced the launch of “EIU Viewpoint”, a new digital product that combines the EIU’s expert political insights, policy analysis, and economic outlook with forward-looking forecasts and proprietary data. “EIU Viewpoint” helps businesses, academics, governments, and financial institutions stay ahead of the shifting global […]

Hospital Research Foundation Continues Fight Against ‘The Beast’ In Latest Work Via KWP!
  • Campaigns

Hospital Research Foundation Continues Fight Against ‘The Beast’ In Latest Work Via KWP!

Adelaide-based creative agency KWP! brings more than one hundred volunteers together in an onscreen battle against life threatening diseases for the sequel to The Hospital Research Foundation (THRF) Group’s ‘Together Fight’ campaign. Two 30-second TVC’s feature the return of ‘The Beast’, who comes up against a young patient and army of real-life patients, researchers, staff […]

Shopify Partners With The Peers Project To Support Millennial Leaders Podcast
  • Media

Shopify Partners With The Peers Project To Support Millennial Leaders Podcast

Leading Australian podcast agency, The Peers Project, has partnered with global e-commerce company, Shopify, to amplify diverse millennial voices through the podcast series ‘Peers2Peers’. The 150 episode podcast, powered by Shopify, showcases the entrepreneurship and personal journeys of inspiring millennial leaders from across the globe. The podcast provides real life advice from young leaders and […]

Barilla & Publicis Italy Show The Healing Power Of Pasta In New Global Campaign
  • Campaigns

Barilla & Publicis Italy Show The Healing Power Of Pasta In New Global Campaign

Barilla repositions itself on a global level with a new Global Brand Campaign signed by Publicis Italy, which puts emotions back at the core of its communication and marks a new strategic path for the brand worldwide. As in the memorable campaigns of the past, the brand speaks to people’s hearts giving a special value […]

Colin Jowell Joins DDB’s Tribal As Its First Chief Strategy Officer
  • Media

Colin Jowell Joins DDB’s Tribal As Its First Chief Strategy Officer

Tribal Australia, part of DDB Group, has hired Colin Jowell (left in main photo) as its first-ever chief strategy officer, further bolstering its strategic capabilities and credentials. Jowell was most recently at KPMG as part of the consultancy firm’s Customer, Brand and Marketing advisory. Jowell first joined KPMG in 2018 following its acquisition of UDKU, […]

Nicole Kidman Voices Global Campaign For Healthcare Firm H&H
  • Campaigns

Nicole Kidman Voices Global Campaign For Healthcare Firm H&H

H&H Group (parent company of Biostime, Swisse, Solid Gold, Dodie, Good Goût, and Aurelia Probiotic Skincare) stands for Health and Happiness, a sentiment that extends to everything they do. To celebrate these values and the Group’s shared culture across their teams in Asia-Pacific, Europe, North America and Oceania, the Group has partnered with creative studio […]

Jean-Michael Wu Appointed Head Of Talent At TotallyAwesome
  • Marketing

Jean-Michael Wu Appointed Head Of Talent At TotallyAwesome

One of Asia Pacific’s most experienced human resources leaders, Jean-Michel Wu, has been appointed Head of Talent at TotallyAwesome. The new position will see Jean-Michel Wu work with TotallyAwesome CEO, Will Anstee, and a growing regional management team TotallyAwesome provides a forum for kids, teens and families to safely interact with brands across thousands of […]