November 24, 2020
Mastercard report reveals a switch to conscious shopping this holiday season
As the coronavirus pandemic continues to reshape the shopping experience, 55 percent of Americans still plan to partake in holiday shopping this year, according to Mastercard’s 2020 Holiday Consumer Sentiment report. The report – issued earlier this month – notes the emergence of a more "conscious shopper" this holiday season.
The report includes several notable findings related to consumer spending sentiment, such as:
- 66 percent of respondents plan to shop in stores that have contactless payment options;
- 64 percent of respondents are avoiding giving cash as gifts this year; and
- 55 percent of respondents plan to conduct a majority of their shopping online.
Of note, the report also states that 75 percent of holiday shoppers plan to be mindful of where they are shopping by favoring businesses that share their personal values. This includes:
- 78 percent of shoppers prioritizing small businesses;
- 68 percent of shoppers prioritizing minority-owned businesses;
- 68 percent of shoppers prioritizing woman-owned businesses; and
- 66 percent of shoppers prioritizing black-owned businesses.
View the full report here.
Back to Basics: Share Insurance
Get daily updates.
Subscribe to NAFCU today.