Vesta, an end-to-end online transaction guarantee platform, recently released survey results showing an impressive increase in US consumer spending driven by a return to post-pandemic life. Apparel is driving the most spending, with 69 per cent of respondents having made an apparel purchase in May and 54 per cent intending to purchase clothing in July.
That was followed by restaurant dining, with 58 per cent of respondents having dined out in May and 36 per cent planning to do the same in July.Vesta, an end-to-end online transaction guarantee platform, recently released survey results showing an impressive increase in US consumer spending driven by a return to post-pandemic life. Apparel is driving the most spending, with 69 per cent of respondents having made an apparel purchase in May and 54 per cent intending to purchase clothing in July.#
Electronics rounded out the highest spending categories, with 53 per cent of respondents having bought an electronic device in May and 41 per cent planning to purchase one in July.
Nearly half (49 per cent) of respondents spent more than $250 on non-essential items last month and 63 per cent intend to spend at least $100 on non-essential items this month, a press release from Vesta said.
The survey also found that most consumers continue to prefer shopping online, with 64 per cent of purchases made on desktop or mobile. 42 per cent of respondents made their last non-essential purchase with a credit card, and 30 per cent used a debit card. Only 10 per cent of purchases were made with cash.
"The fact that consumer spending is on the rise is an undeniably good thing for the hundreds of thousands of merchants across the country who saw revenues decline during the pandemic, but fraudsters will absolutely take advantage of consumers' preference for e-commerce and card-not-present (CNP) transactions," said Vesta chief executive officer Ron Hynes.
"That's why it's so important that merchants put measures in place now to prevent CNP fraud while preserving the customer experience and maximizing approvals of legitimate transactions," he added.
When asked what their primary reason was for making a non-essential purchase, 40 per cent of respondents said it is because they are generally starting to socialise again, while 23 per cent said it was because they have a specific event to attend. Fifteen per cent cited going on vacation as their primary reason for making a purchase, 14 per cent said their pre-pandemic clothing no longer fits, and 8 per cent said it is because they are returning to office.
Fibre2Fashion News Desk (DS)
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