The increase in the cost of living will change purchasing habits for the upcoming Christmas holidays, with 82% of Italian consumers planning to change their spending, reducing the budget for gifts by 33% and both that for food and drinks and that for socializing and entertainment by 14%. And again, 22% of those interviewed said they wanted to take advantage of seasonal offers to manage their budget, while 16% said they had prepared for the increase in costs of the holiday season by saving since the beginning of the year. Despite this however, Online retailers can increase sales.
This is what emerges from an international research by Skrilldigital payments brand, part of the global platform Paysafe. The study conducted on behalf of Skrill And Paysafe from Sapio Research in October this year, collected interviews from 14,500 consumers United Kingdom, United States, Canada, Germany, Austria, Bulgaria, Italy, Peru, Chile, Brazil, Mexico, Colombia, Argentina and Ecuadorof which 1,002 in our country, to explore in particular the change in consumer spending behavior and their attitudes towards payments.
One of the most important behaviors that emerged concerns the moment of checkout of a purchase, a phase to which retailers should pay close attention. According to the research, in fact, well 54% of Italian consumers would abandon a purchase if they were faced with complications in the final purchasing phase. And if it is true that credit and debit cards remain among consumers’ favorite payment tools for online purchases, both with a popularity of 54%, it is also true that, as the Skrill study revealed, that Offering a wider range of payment options is increasingly critical for both large and small online businesses to attract more customers. For the upcoming holidays there is a notable shift towards alternative payment methods.
Between these, 56% of Italian consumers declare that they prefer digital wallets for their online purchases, 37% bank transfers and 23% online cash payment solutions (eCash). In this context, for Rob Gatto, chief revenue officer of Paysafe, “there is more competition than ever between retailers to ensure they are the final choice for consumer purchases. Merchants offering multiple payment methods and a simple, straightforward checkout experience will make a difference, reach new audiences and increase conversion rates.”
From the work of Skrill it also turns out to be aItaly absolutely in line with the global average of the countries involved. In fact, if in our country 82% declare that they will change their spending for the holidays, at the extremes we find on one side Peru, where 91% of those interviewed said they will change their behavior and on the other the United Kingdom with 68% . Also for reduced budgets, the Italian figure does not differ much from the global average. Globally, 22% will spend less on food and drinks and 19% will reduce spending on socializing and entertainment, compared to a 14% reduction for both items by Italians.