According to a study published by the payment platform Paysafe, consumer demand for travel, leisure and other experiences remains high despite the increased cost of living: 43% of consumers in Austria prefer to invest their disposable income in such leisure expenditures.
The study also found that 23% of consumers in Austria are now spending more on eating out and take-away meals than before the cost increased. Also, 23% are now spending more on streaming services and 18% are spending more on air travel. Only a minority have stopped such leisure spending altogether, most notably on massages and time off at day spas (18%), in-game spending (18%) and sports betting (17%).
Well over a third (42%) have reduced larger purchases and are instead buying smaller items more frequently, while 61% are exploring further cost savings by repairing an item rather than replacing it. Others are taking advantage of the added benefits of digital wallets and eCash to address their financial crunch. Nearly a third (33%) of digital wallet users say they appreciate the connection of this payment method with third-party money management tools.
Rob Gatto, Chief Revenue Officer at Paysafe, said: “Our study shows that experiences matter, regardless of location or payment method. Even before the price hike, consumers were willing to abandon online purchases if necessary. Now that they're also struggling with tight budgets, they're more likely to do so when they face unexpected shipping charges, can't use their preferred payment methods, or face other obstacles at checkout. It has never been more important for online businesses to ensure their checkout is streamlined for a seamless customer experience.”
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