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.
| Shopping deterrant | Female | Male |
|---|---|---|
| Cash only | 48% | 43% |
| Cash free (only card) | 24% | 26% |
| Inflexible return policy | 43% | 35% |
| No in-store returns | 48% | 40% |
| Other | 7% | 7% |
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 only | 34% | 41% | 54% |
| Cash free (only card) | 18% | 26% | 28% |
| Inflexible return policy | 41% | 41% | 37% |
| No in-store returns | 56% | 45% | 37% |
| Other | 10% | 8% | 5% |
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 only | 42% | 51% | 45% | 35% | 53% | 42% |
| 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% |
| Other | 18% | 5% | 7% | 10% | 6% | 8% |
For media inquiries:
Allan Givens
Public Relations Manager
203-818-2928
allan.givens@finder.com
Nicole Gallina
Communications Coordinator
347-677-4931
nicole.gallina@finder.com
More guides on Finder
-
Which payment method do Americans prefer?
Finder analyzes which payment methods Americans prefer to use during the global health pandemic, finding that cash is no longer king.
-
Porch pirates statistics
Porch piracy is alive and well, but there are ways to protect your deliveries this holiday season.
-
New Year’s resolution statistics
Finder survey reveals that 141.1 million adult Americans (55.31%) think they can achieve their 2K21 New Years Resolution.
-
Digital Only Banking Adoption 2021
6% of American adults have a digital bank account, and that figure is expected to hit 9% by 2022 and 11% by the year 2026.
-
Living paycheck-to-paycheck
An estimated 133.6 million employed Americans, or 52.3% of the population, could live off their savings for only six months before going broke. How long could you get by if you lost your job tomorrow?
-
Savings account statistics
Find out how well average Americans add to their savings accounts and dig into key differences by gender, generation, state and more.
-
Lying on an insurance application
A recent finder study reveals an estimated 35 million Americans nationwide have lied on an insurance application.
-
Number of people who shop at work
Shopping online at work is more common than you think. 140 million Americans confess to online shopping at work, according to recent finder.com survey data.
-
Almost 70% of Americans need extra cash to make ends meet
Finder.com research reveals 68% of Americans are looking to make additional income. Click to see our breakdown by gender, relationship status, and more!
Ask an Expert