Trends Tracker: Mobile Wallet Sector Heats Up

 

SurveyMonkey Audience has teamed up with Blueshift Research, an investment research firm, to deliver another report tracking monthly consumer trends affecting the marketplace.

With our Trends Tracker report, businesses and investors can stay in front of developments that might make the difference between big wins and big losses. For October’s consumer trends survey, we surveyed 1,093 US consumers on 20 topics, including voting, home buying, technology, TV services, and drug laws. Blueshift Research analyzed the data and wrote up their findings on how these trends affect businesses and investors.

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See what consumers think about home buying, voting, technology, and more!

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So, what did the report uncover this month? Here are a few highlights:

  • 98% of consumers still have not heard of Alibaba’s 11main.com, even after the company went public
  • Solar adoptions slows down, possibly due to lack of knowledge of the cost of solar
  • Consumers have favored GMO labeling for the last four months

Here’s a deeper look at the month’s most interesting consumer trend. To see all our findings, download the report.

Digging Deeper: Mobile Wallet Sector Heats Up

Pay attention to this month’s biggest consumer trend: mobile and digital wallets. Why? Since Apple Pay was announced, adoption has risen by 8%. In the past month, 39.6% of consumers have made purchases via payment systems like Google Wallet, Apple’s Passbook, and PayPal.

But these aren’t just one-time users. 27.1% have used mobile wallets more than once, and 10.5% are using them on a daily basis.

Have you used a digital wallet in the last month?

 Older demographics have been especially active with mobile wallet usage. This is the first month that Blueshift Research has observed another age group’s (30-44 year olds) adoption of these services outpace the youngest demographic (18-29 year olds). In each age group, at least 30% of consumers are adopting a mobile or digital wallet.

Consumers who have used a mobile wallet in the last month (by age)

In the Trends Tracker report, Blueshift Research also identified a two major changes in the mobile and digital wallet space that are driving increased adoption:

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

With the spin-off from eBay, Blueshift Research predicts that PayPal will be able to be more nimble and create a bigger mobile push than it could have tied to eBay. We’re already seeing this play out as PayPal has recently launched new Android apps with a massive marketing push on sites like Hulu.

At the same time, Apple Pay launched this month with deals with six of the largest banks (such as Wells Fargo and Bank of America) and popular food brands like Starbucks, Whole Foods, and McDonald’s. Apple Pay is also getting major exposure at the World Series, with both stadiums accepting the service and other NFC technology.

Blueshift Research noted that the Apple Pay launch combined with staggering iPhone 6 and iPhone 6 Plus sales have led some to believe that Apple’s entry could have a rising tide effect on the entire sector. But others view it as dampening the effects of its competitors.

Digital wallets isn’t the only trend this month. Blueshift Research’s October report is full of surprises, from consumer attitudes towards GMOs to cable subscriptions and wearable fitness devices. Check out the free report here to get in-depth analysis on more trends affecting issues like voting behavior, home buying, drug laws, technology usage, and more!

Want to take the pulse of your own audience? Contact us to get your own custom insights for your business today.