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1 in 5 Consumers Don’t Carry Cash – The Move to a Cashless Society

Tory Patrick

According to the Walker Sands’ 2014 Future of Retail Study, more than half of US consumers carry less than $20 in cash.

Released today, the study reveals that 1 in 5 consumers don’t carry any cash and only 40 percent carry $20 or more in cash on a regular basis.

Further, the results demonstrated a major shift towards a cashless society.

cash chart

Despite the shift, only 8 percent of consumers reported using passbook-like applications to make mobile payments and track funds.

Why the divide?

The data suggests that while 59 percent of consumers would be more likely to shop at a store where mobile checkout is available and 66 percent of those who shop online more than twice per week would be more likely to shop in a brick-and-mortar store offering mobile checkout, consumers aren’t yet willing to adopt existing mobile payment applications and are looking for improved convenience.

Where’s this cashless society headed?

The emergence of social and mobile commerce has played a major role in the shifting retail landscape, with apps such as Uber and Square finding success  by providing convenient ways to improve payment processes for consumers.

Although e-commerce has matured, consumers are still looking for more and are engaging with brands online – nearly six in 10 consumers report interacting with brands on social media, with Pinterest continuing to grow in influence. In fact, 30 percent of frequent shoppers (those who shop online more than twice per week) have used Pinterest to discover new products.

To view the full results of the 2014 Future of Retail Study, visit /resources/the-future-of-retail-2018/.

The Walker Sands 2014 Future of Retail Study Methodology

The Walker Sands 2014 Future of Retail Study surveyed 1,046 consumers across the United States on their spending behaviors in the past year and preferences for future spending. The survey analyzed consumer behavior and preferences for making purchases online and in store with mobile devices and other technology. Responses were broken down by demographics, including income and gender, among other factors.

Walker Sands works with a variety of retail technology companies. Similar research is often assembled for these clients through the Walker Sands analytics team.