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Tag: consumers

Black Friday shopping at brick-and-mortar stores dropped by 6% as consumers spent record online

Black Friday shopping at brick-and-mortar stores dropped by 6% as consumers spent record online

Finance
Black Friday shoppers wait to purchase goods at a Best Buy store on November 29, 2019 in Emeryville, United States. Black Friday is traditionally the biggest shopping event of the year, and marks the beginning of the holiday shopping season.Philip Pacheco | Getty Images News | Getty ImagesBlack Friday brick-and-mortar retail sales fell by 6.2% compared to last year as consumers eschewed in-person shopping for online purchasing, according to preliminary data from ShopperTrak.The pullback corresponds with a jump in Black Friday spending online, which hit $ 7.4 billion, the largest online Black Friday total ever, according to Adobe Analytics."There is no longer one way to shop on Thanksgiving Day and Black Friday," said Brian Field, senior director of global retail consulting for ShopperTrak....
Younger consumers prefer digital payments this festive season: ACI study

Younger consumers prefer digital payments this festive season: ACI study

Finance
Pune: Digital payments are preferred by 42 per cent of consumers in India, leading card payments (29 per cent ) and cash (27 per cent ), according to a new online study conducted by YouGov and ACI Worldwide, a global provider of real-time electronic payment and banking solutions. The study found that younger consumers preferred digital payments (42 per cent for Gen Z and 48 per cent for Millennials), but their adoption was consistent across age groups. Nearly 77 per cent of Millennials had used digital payments at least once during the festival season, compared to 72 per cent of Gen Z and 69 per cent of Gen X. Nearly half (45 per cent ) of Baby Boomers also indicated they had used digitals payments within the survey period. “Digital payments, including UPI and other eWallets, are increasin
Consumers’ credit card spending ‘overtakes cash’

Consumers’ credit card spending ‘overtakes cash’

Business
Consumers spent more money on credit cards with UK retailers last year than they did in cash, a retailers' trade body has said.Debit cards were the most popular, but falling cash use pushed notes and coins down to third place, the British Retail Consortium (BRC) said.Cash accounted for just over £1 in every £5 spent with UK shops.The BRC argued that rising costs faced by retailers to process card payments could push up prices. The decline of cash in the UK - in charts Cash or no cash - where do you stand? Credit and charge cards accounted for £82bn, or 22%, of retail sales last year - outstripping cash (£78bn) for the first time, according to the BRC, which has been running its payments survey for 20 years. Spending on debit cards totalled £216bn.
‘Hidden sales tax’: How Trump’s tariffs will impact prices — and what consumers can do about it

‘Hidden sales tax’: How Trump’s tariffs will impact prices — and what consumers can do about it

Finance
In the midst of a tit-for-tat trade war between the U.S. and China, Labor Day sales may be your best chance to avoid the impact of higher prices for some products you buy.Tariffs on goods traded between the two countries have already increased in several stages since early 2018 and recently escalated again.Just last week, President Donald Trump said he would raise existing duties on $ 250 billion worth of Chinese products to 30% from 25% on Oct. 1. Additionally, he said, tariffs on another $ 300 billion of Chinese goods, which start to take effect on Sunday, will now be 15% instead of 10%. "It is like a hidden sales tax, one that does not appear on your receipt but comes out of your pocket nonetheless," said Katheryn Russ, a University of California, Davis, professor of economics and speci...
Huawei: US blacklist will harm billions of consumers

Huawei: US blacklist will harm billions of consumers

Business
A US move to put Huawei on a trade blacklist "sets a dangerous precedent" that will harm billions of consumers, the firm's top legal officer said.Speaking at a press conference, Song Liuping said the trade ban would also "directly harm" American companies and affect jobs. Washington recently added Huawei to a list of companies that US firms cannot trade with unless they have a licence.The trade ban is part of a wider battle between the US and Huawei.Washington has moved to block the Chinese company, the world's largest maker of telecoms equipment, on national security concerns. Huawei has repeatedly denied claims the use of its products presents security risks, and says it is independent from the Chinese government. "Politicians in the US are using the st...