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Consumer Wallets Are Lighter. Are You in on the Trend?

Consumer Wallets Are Lighter. Are You in on the Trend?

Oct_trends_tracker_V1Every month, you have to make major decisions for your business: where your ad money goes, where to invest, where to allocate resources. No one can predict the future, but staying on top of marketplace trends can help you make the smartest moves.

SurveyMonkey Audience has partnered with investment research firm Blueshift Research to deliver free monthly reports that track consumer trends affecting the business world.

The Trends Tracker Report surveys a network of consumers on a wide spectrum of topics including elections, real estate, technology, finance, and more. All of that data goes into an accessible report that helps you keep tabs on issues that could make the difference between a good month and a not-so-good one.

This month, we surveyed 1,093 US consumers on 20 topics, including voting, home buying, technology, TV services, drug laws and medical robots. What did we learn from the latest report? Mobile wallets are seriously clicking.

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The mobile wallet sector is heating up

These days, consumers are not only choosing the fastest ways to shop—but also the fastest ways to pay.

Since July, mobile wallet adoption has risen by 28%. Nearly 40% of consumers last month made purchases via payment systems like Google Wallet, Apple’s Passbook and PayPal. But these aren’t just one-time users. 27% have used mobile wallets more than once (up 17 points from last quarter), and nearly 11% are using them daily.

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Is this simply a sign that millennials and other young demographics are becoming more active in the marketplace? Not necessarily. This is the first quarter we saw an older age group’s—30-44 year olds (44%)—adoption of mobile wallets outpace the youngest demographic, 18-29 year olds (41%). Even 60+ usage surged nearly 26% since July. In each age group at least one third of consumers were using a mobile or digital wallet in their transactions.


What’s driving these numbers?

The report reveals two major shifts in the mobile and digital wallet space that are contributing to this surge.

  • eBay spinning off PayPal as a standalone company
  • The launch of Apple Pay

We predict the PayPal spin-off will make the online payment transaction pioneer more nimble than it could have been tied to eBay. The major marketing push of PayPal’s new Android apps is an early indicator of the company’s strength and reach.

But Apple isn’t waiting in the wings. This month, the Apple mobile wallet program Apple Pay struck deals with six major banks (including Wells Fargo and Bank of America) and popular food brands like Starbucks, Whole Foods and McDonald’s. On top of that, the World Series gave Apple Pay a boost by accepting it at the stadiums, while the massive iPhone 6 and iPhone 6 Plus sales brought it even more customers and attention.

Want to find out what’s trending in other categories? Download the free report to get more in-depth analysis on trends from consumer attitudes towards GMOs to cable subscriptions and wearable fitness devices.

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