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28/10/2011 -
Consumers may scale back on their use of credit cards this shopping season in favor of cash, debit or checks, according to a new survey by Burst Media. The report reflects a growing reluctance to incur further debt among consumers, as high credit card rates and outstanding student loans continue to bog down average American shoppers.According to the report, more than half of surveyed consumers - 54 percent - plan to primarily use debit cards, cash and checks. A mere 25.3 percent of shoppers claimed they plan to use mainly credit cards for their holiday shopping.
"Consumers are certainly going to be very mindful of their spending this holiday season, which poses a challenge for product marketers and advertisers who must excite shoppers and drive them to open their wallets and make purchases," said Mark Kaefer, marketing director at Burst Media.
Another report released this month by the Federal Reserve Bank of San Francisco found electronic payment methods have not replaced a consumers' interest in cash alternatives. In fact, the popularity of cash appears independent of wider economic trends.
