Security is a constant concern in the online shopping experience.

Nearly half (49%) of global consumers are confident that their financial situation will improve next year after a difficult 2023. A new study by Paysafe shows a consumer environment marked by a mix of optimism, caution, and willingness to adapt to spending habits.

The study surveyed 14,500 consumers across Europe, North America, and Latin America in Paysafe’s Lost in Transaction 2023: Disposable Income Report – how consumers are transforming discretionary spending.

Optimism is especially prominent among Millennials and Generation Z, with 57% of each group expressing confidence in their short-term financial future. However, consumers acknowledge the need for more aggressive action to improve because they manage their high cost of living and money differently, and one in two (50%) intend to change their spending habits. In terms of discretionary spending, a growing percentage of consumers are also prioritizing at-home entertainment (23%) over their previous counterparts, and nearly a third say they will spend less on clothing (32%). 온라인경마

On the other hand, more than a third (37%) of consumers admitted they were cutting back on their savings due to the rising cost of living or not saving at all (18%). Still, 47% believe they will be able to save more next year.

More and more people are relying on budgeting tools and apps for support to cope with the changing financial environment. These apps are mainly used to plan how to save, balance different spending, and manage discretionary spending better. A significant 55% of respondents said they already use these apps, and 38% plan to increase their dependence on them in 2024.

Furthermore, the study demonstrates a shift in the way consumers attempt to allocate disposable income. As costs increase, more than two-fifths of 42 percent are choosing to spend less on physical products than experience. This is especially true in Brazil (52%) and the United States (51%), but less so in Austria and Germany (29%).

This shift to increased spending in the experiential economy is reflected in consumer attitudes toward travel, which should remain on an upward trajectory as 43% plan to spend more or the same on package holidays, and 41% plan to spend on flights. While budgets were tight, spending on online sports betting (18%) and in-game purchases (19%) remained the same before inflation and the cost-of-living crisis.

When it comes to online spending in the past six months, 31% say they have no preference between large companies and small and medium-sized e-commerce companies. As consumers navigate the evolving economic environment, businesses must keep an eye on changing trends, whether small or large, and tailor the services they offer to meet the changing needs and expectations of their customers.

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