Alright, let’s jazz this up a tad! Picture a conversation with your best buddy over a coffee:
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Millennials are Playing Hard to Get with Credit Cards at the Mall
Wait till you hear this! Millennials, yep, those tech-savvy whippersnappers, are opting to leave their credit cards snug and secure at home when they venture out to the mall. Can you believe it?
Ready for the actual science behind it? A recent poll by Cardtronics spottied that a whopping 71% of millennials are intentionally bidding adieu to their plastic pals to reign in their spending. It’s a bit of a shocker, right? Despite the steady climb in digital payment methods and millennials being digital trendsetters, about 67% still favor cold, hard cash when shopping, while 73% believe cash is king when settling up with buddies.
Not Just a Millennial Thing
The wave of cash favoritism isn’t just blowing through the millennial crowd – other generations are also catching this cash-only breeze. Cash dominates in 79% of personal transactions, and more than half of consumers think cash is a cool way to split a restaurant bill.
Curious to know more? Check this out, a piece on “How Paying With Cash Can Boost Your Savings and Happiness”.
But Why, Oh Why, the Cash Craze?
The one place where cash is still the reigning monarch is at most brick-and-mortar retailers. In our beloved grocery stores, 43% of shoppers flash cash over cards and it’s the same story in pharmacies.
One masterstroke of cash is the ironclad security it offers. An eye-popping 93% of people surveyed placed a firm bet on cash as the knight in shining armor protecting them against hackers. And, fun fact, the majority of folks feel ickier without some cash stashed in their wallets than without hand sanitizer—84%, to be precise.
Cash: Your Personal Spending Therapist
What those smarty-pants experts also tell us is that doling out cash can reign in our shopping indulgences. As backed up by Dun & Bradstreet’s research and reported by NerdWallet, we might spend up to 18% more when we wave our credit cards around instead of paying in cash.
Guess what else? Paying with cash keeps our impulsivity in check. Take Mickey D’s for instance. Credit card mavens drop $7 on average per transaction, nearly twice as much as their cash-wielding counterparts. Yikes!
Small Buys, Big Love for Cash
Especially when it comes to minor purchases, cash straight-up dominates. Four out of five folks prefer cash when grabbing those bargain-bin buys and save their cards and techy digital payments for their extravagant shopping hauls. As for those spur-of-the-moment buys we all know and love? About 75% of impulse shopping is paid for in cash.
So what do you think? Is cash making its comeback?
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Keywords masterfully braided into the chit-chat: Millennials, credit cards, cash payments, survey, shopping, spending, hackers, security, digital payment, person-to-person transactions, impulse purchases, brick-and-mortar stores