Cash-only retailers alienating 45% of the population
Survey reveals biggest deterrents to shoppers
Americans are relying more and more on plastic to pay for their goods, with 45% of us saying we wouldn’t shop at a cash-only retailers, according to a recent finder.com survey.
If you own a store that considers cash king, you could be driving away some 107.3 million Americans who’d rather swipe or dip their credit cards.
Other unpopular in-store policies
“Cards not welcome” is a major deterrent for American shoppers. But it’s not the only policy pushing away potential clientele.
Does your business prohibit in-store returns? If so, you might want to say goodbye to repeat customers: Of those surveyed, 44% said it’d turn them off shopping at your store.
Another 39% said that inflexible return policies are a no-no, and 25% say a store accepting only credit cards would deter them from purchases.
Women more likely to walk away from cash-only retailers
Our survey reveals that women generally hold stores to high standards when considering where to shop. Cash-only businesses turn away 48% of women, compared with 43% of men who say they’d shop elsewhere.
Women appear slightly more progressive than men, however, when it comes to to card-only businesses — 24% say they’d be deterred, versus 26% of men.
When considering how a store deals with returns, women are 8% more likely than men — 43% of women compared with 40% of men — to walk away from a business that says no to in-store returns. Women are also 8% more likely to walk away due to an inflexible returns policy, with 43% of women saying they’d do so versus 35% of men.
|Cash free (only card)||24%||26%|
|Inflexible return policy||43%||35%|
|No in-store returns||48%||40%|
Boomers clinging to cash
It may not surprise you that baby boomers are least likely of the generations to walk away from a shop with a cash-only policy. Only 34% of boomers say it’d be a deterrent.
Boomers are least likely to turn away from a business accepting only credit cards: Only 18% saying it’d be an issue.
Gen Y are most likely to walk away from a business accepting cash only, with more than half (54%) saying cash-only businesses are a no-go. However, 28% of Gen Y is likely to balk at a card-only business — the highest percentage among the generations.
Gen X settles between baby boomers and Gen Y on both issues. Of those surveyed, 41% of Gen Xers said they’d walk away from a cash-only business, and 26% said they’d be driven away by card-only retailers.
|Shopping deterrant||BB||Gen X||Gen Y|
|Cash free (only card)||18%||26%||28%|
|Inflexible return policy||41%||41%||37%|
|No in-store returns||56%||45%||37%|
Cash-only okay with retirees
Cash-only options are most popular among the retired. Only 35% of retirees said they’d have an issue with a retailer that limits payments to cash. Interestingly, students at 53% are most likely to walk away from a cash-only business.
Those employed full time are twice as likely to walk away from a business accepting only cash (51%) than they are from a card-only business (25%).
|Shopping deterrant||Casual||Full time||Part time||Retired||Studying||Unemployed|
|Cash free (only card)||32%||25%||27%||17%||31%||29%|
|Inflexible return policy||30%||40%||37%||39%||48%||38%|
|No in-store returns||36%||40%||41%||54%||48%||46%|
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