Online payment platform Paysafe targets approximately 1.1 consumers in Europe, North America and Latin AmericaData statistics, showing that more and more consumers are canceling their credit card consumption patterns and turning to debit cards that can more clearly control consumption limits, so as to avoid affecting their personal consumption credit.
According to a survey conducted by Paysafe in April this year, approximately 4% of respondents said that in order to avoid the impact of price inflation, they have gradually changed their previous consumption behavior. Among them, 44% will adopt consumption methods that make it easier to monitor consumer spending, such as reducing the use of credit cards and switching to debit cards that directly debit bank accounts, or using software services that are easier to record accounts to help confirm personal spending.
21% of the respondents said they have reduced their use of credit cards to avoid unknowingly making excessive unnecessary purchases, which would affect their personal consumer credit. In addition, more than half of the respondents said they have increased their use of debit cards.
Furthermore, relevant surveys show that 10% of consumers have begun to cancel non-essential daily expenses. They have also changed their previous spending on travel and other expenses due to factors such as the epidemic and inflation, and have even reduced non-essential spending items such as smoking. They have also increased their selection of relatively cheap private-label products when purchasing products. Others include starting to make coffee at home, replacing the habit of buying coffee outside.
In other lifestyles, many people use online video to replace long-distance travel to visit relatives and friends living in other areas, while traveling at the same time, and have even begun to increase their income through odd jobs.
Furthermore, users are increasingly adopting new fintech services, such as buy now, pay later, to mitigate inflation-related increases in spending. However, despite the growing adoption of these services, the stock prices of companies like Affirm have failed to rise in tandem, suggesting that the market remains pessimistic about the future of the stock market due to the impact of price inflation.
