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  • Consumer climate: good economic data have a stronger impact than terrorism and Brexit
    • 08/26/16
    • Press
    • Financial Services
    • Social and Strategic Research
    • Trends and Forecasting
    • Global
    • English

    Consumer climate: good economic data have a stronger impact than terrorism and Brexit

    Consumer sentiment in Germany developed positively on the whole in August, with consumers appearing to digest the shocking Brexit news very well. The overall index for consumer climate is forecasting 10.2 points for September, following 10.0 points in August.

    • 08/08/16
    • Financial Services
    • Retail
    • Connected Consumer
    • Global
    • English

    Can new mobile payment solutions meet the hype?

     

     

     

    In the current payments marketplace, there seems to be quite a bit of innovation in the transactional arena.  We’ve seen Samsung Pay being rolled out ahead of the Olympics and Facebook’s most recent strategy to convert users into buyers.  But how much is hype vs. reality?  Our research shows that consumers are still slow to adopt mobile payments in certain areas.

    Today, the brightest opportunities for innovation in payment solutions are around online transactions becoming more mobile. Venmo* for example, PayPal’s fast growing peer-to-peer payment service, also incorporates elements of social media and plans to expand into consumer-to-business payments.

    (*For those of us with a sarcastic side, check out Venmo’s latest ‘Unboxing’ spot, starring YouTube sneaker reviewer Brad Hall.)

    On the flip side, payment solutions based around physically using devices at the point-of-sale to complete transactions are facing challenges with adoption.  And those that are paying for physical goods with their mobile phones are not doing so regularly; of the 7% of consumers who have made a purchase using their mobile phones, the vast majority (74%) are only paying three or fewer times per month with their devices.

    On-demand is in demand

    It’s no secret that we now live in a highly accelerated culture where consumers expect goods and services to be available ‘on demand’.  In turn, shopping channels have to be accessible anywhere, anytime.  The connected consumers of the future will increasingly make online purchases via mobile, which is estimated to account for half of all e-commerce sales by 2020.

    So how can brick and mortar retailers position themselves successfully for the future?  Recent innovations toward blending the in-store and online relationship may offer a hint. The mobile shopping app Curbside, for example, is partnering with retailers such as Target and CVS to allow users to shop and pay from their phones, and then pick up purchases at local stores without having to get out of their cars.

    From ‘cash-less’ to ‘card-less’?

    Many consumers are also looking to free themselves from what they have to carry in their wallets, including cash and credit/debit cards. Our data shows that nearly 90% of consumers globally carry a mobile phone with them when they leave their home; in comparison only 69% carry a credit, debit, or charge card.

    Clearly there are opportunities for other payment solutions.  In fact, many banks are already tailoring services to this end – leading institutions like JP Morgan Chase and Wells Fargo are implementing new options for cardless cash access expecting consumers to at least have their phones on them, but not necessarily their cards.

    Infrastructure is Holding Us Back

    Generally, consumers tend to look for infrastructures to be in place before adopting certain innovations.  Understandably, mobile payments are a more massive undertaking that involves a good deal of collaboration among financial service companies, retailers, mobile device makers, phone carriers, apps, and more – but if the systems aren’t in place, how can we expect consumers to truly start adopting?

    Though small, the appetite is there, but adoption will still be more gradual in nature.

    Conclusion

    Consumers are seeking help to free themselves from cards and cash, and innovation through new payment methods is taking place within the consumer mindset of instantaneous access.  Anticipate mobile solutions to continue gaining ground – though primarily more as another form of ‘online payment’ (through apps, etc.).  Expect slower adoption around the physical usage of mobile devices to help consumers make transactions.

    More opportunities for mobile payment systems will arise with a wider infrastructure put into place and with further innovations that blend consumers’ in-store and online relationships.  Smart retailers and brands can leverage the fast growth of peer-to-peer payment systems such as Venmo to create the appropriate infrastructure within their business, but the wants and needs of consumers ultimately will be what drives adoption.

    Mihir Bhatt is a Senior Consultant at GfK Consumer Life.  He can be contacted at mihir.bhatt@gfk.com.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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  • Brexit causes dramatic 11-point drop in UK consumer confidence
    • 07/29/16
    • Financial Services
    • Retail
    • Consumer Goods
    • United Kingdom
    • English

    Brexit causes dramatic 11-point drop in UK consumer confidence

    Sharpest monthly fall for more than 26 years – GfK’s long-running monthly Consumer Confidence Index dropped 11 points in July (since the June interviews conducted before the Referendum) from -1 to -12. The survey dates back to 1974 and July sees the sharpest month-by-month drop for more than 26 years (March 1990). This is also a further 3-point drop from the -9 recorded by the Brexit Special in early July. All five measures used to calculate the Index saw decreases this month.

  • Brexit causes dramatic 11-point drop in UK consumer confidence
    • 07/29/16
    • Press
    • Financial Services
    • Retail
    • Consumer Goods
    • Global
    • English

    Brexit causes dramatic 11-point drop in UK consumer confidence

    Sharpest monthly fall for more than 26 years – GfK’s long-running monthly Consumer Confidence Index dropped 11 points in July (since the June interviews conducted before the Referendum) from -1 to -12. The survey dates back to 1974 and July sees the sharpest month-by-month drop for more than 26 years (March 1990). This is also a further 3-point drop from the -9 recorded by the Brexit Special in early July. All five measures used to calculate the Index saw decreases this month.

  • Brexit brings the upward trend in the German consumer climate to a halt
    • 07/27/16
    • Press
    • Financial Services
    • Social and Strategic Research
    • Trends and Forecasting
    • Global
    • English

    Brexit brings the upward trend in the German consumer climate to a halt

    The consumer climate in Germany weakened also as a result of Brexit in the United Kingdom slightly in July.

  • On - demand video now available! Finding Light: Latest Global Consumer Trends from GfK
    • 07/19/16
    • Fashion and Lifestyle
    • Home Appliances
    • Financial Services
    • Health
    • Media and Entertainment
    • Social and Strategic Research
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • FMCG
    • Energy
    • Home and Living
    • Market Opportunities and Innovation
    • United Kingdom
    • English

    On - demand video now available! Finding Light: Latest Global Consumer Trends from GfK

    Join our GfK Consumer Life experts as they highlight key findings from our latest global trend survey in this on - demand webinar.

  • Consumer climate in Europe increases significantly
    • 07/13/16
    • Press
    • Financial Services
    • Social and Strategic Research
    • Trends and Forecasting
    • Global
    • English

    Consumer climate in Europe increases significantly

    All in all, however, the consumer climate for the EU28 underwent a considerable increase from March to June 2016, rising by 4.1 points to 13.1 points.

  • Brexit special: UK Consumer Confidence Landscape
    • 07/08/16
    • Fashion and Lifestyle
    • Financial Services
    • Health
    • Media and Entertainment
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • FMCG
    • Energy
    • United Kingdom
    • English

    Brexit special: UK Consumer Confidence Landscape

    In a one- off special GfK Consumer Confidence Barometer (CCB) to measure post - referendum sentiment the core index has fallen 8 points to -9.

  • UK Consumer confidence dives post-Brexit
    • 07/08/16
    • Financial Services
    • FMCG
    • Trends and Forecasting
    • Consumer Life
    • Global
    • English

    UK Consumer confidence dives post-Brexit

    In a special GfK Consumer Confidence Barometer (CCB) to measure post-referendum economic sentiment in the UK, the core Index has fallen eight points to -9. In fact, all of the key measures that are used to calculate the overall Index have fallen. This long-running survey dates back to 1974, and there has not been a sharper drop than this recorded for 21 years (December 1994).

  • UK Consumer confidence dives post-Brexit
    • 07/08/16
    • Financial Services
    • FMCG
    • Trends and Forecasting
    • Consumer Life
    • United Kingdom
    • English

    UK Consumer confidence dives post-Brexit

    In a special GfK Consumer Confidence Barometer (CCB) to measure post-referendum economic sentiment in the UK, the core Index has fallen eight points to -9. In fact, all of the key measures that are used to calculate the overall Index have fallen. This long-running survey dates back to 1974, and there has not been a sharper drop than this recorded for 21 years (December 1994).

  • Customer Experience Exchange - Financial Services
    • 07/06/16
    • Financial Services
    • United States
    • English

    10/11/16 - 10/12/16
    Customer Experience Exchange - Financial Services

    Connect with GfK's Financial Services team at the Customer Experience Exchange for Financial Services.

  • Money 20/20
    • 07/01/16
    • Financial Services
    • United States
    • English

    10/23/16 - 10/26/16
    Money 20/20

    Connect with GfK's Financial Services team at this year's Money 20/20 conference.

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