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While the global pandemic has taken a toll on almost every business, consumer demand for all things touchless is surging — and has even been a driver of growth for QR codes. Although the 20-year-old technology has long enjoyed strong adoption in Asia (especially China), 2020 could go down as the year that U.S.
PYMNTS research on consumer shopping habits showed that 24 percent of all consumers say they have taken at least one of their routine shopping activities online and do not plan to revert to shopping in stores for this activity, even after the pandemic is over. More consumers are going online to shop and pay as the pandemic progresses.
The COVID-19 pandemic has been hard on everyone – consumers, businesses, government officials and healthcare workers – but the pain has been far from evenly distributed over the past nine months. Small and medium-sized businesses (SMBs) have unfortunately found themselves at or near the top of COVID-19’s 2020 hit list.
And nearly a quarter of SMBs (24 percent) report their financial situation has improved since COVID-19’s dark early days when widespread shutdowns were taking effect. economy hit another round of shutdowns as summer gives way to fall and colder temperatures sweep the country. But the good news comes with a few caveats.
Among its many profound impacts, the COVID-19 pandemic has dramatically altered how consumers shop. Even before large-scale stay-at-home policies went into effect, most consumers sought to limit direct contact with people and objects as much as possible when they went out. For the 2020 report, PYMNTS surveyed more than 5,500 U.S.
As the global pandemic and related shutdowns continue to create rising income loss and unemployment rates, consumers need financial assistance more than ever. Borrowers are missing scheduled debt payments at record levels, while loan impairments doubled in just 1 month to reach 12% of all consumer loans in April 2020.
market for initial public offerings (IPOs) had a banner year in 2020 despite the pandemic — or perhaps because of it. COVID-19 was actually great news for DoorDash , as government shutdowns and consumer virus fears forced restaurants almost everywhere to eliminate dining in and switch to pickup and delivery.
As of April 2021, the average FICO® Score in the United States sits at 716 , an increase of eight points compared to April 2020, which is around the time the economic shutdown driven by COVID-19 began in earnest. consumers’ credit behaviors as observed in the underlying credit report data. by Tom Quinn.
A new survey has revealed the steep plummet the consumer credit market took as the pandemic began, the Federal Reserve Bank of New York reported. 21) from its latest Survey of Consumer Expectations (SCE) Credit Access Survey , which showed most credit applications and acceptance rates falling sharply after February this year.
Direct-to-consumer (D2C) selling has taken wing with the ascendance of eCommerce to retail’s throne. How consumer packaged goods (CPG) brands and subscription-based businesses respond to this important trend will be make-or-break for many. percent of consumers have bought CPG through these channel.”.
Data indicate that the three biggest economies in the eurozone, France, Germany, and Italy, all report higher-than-expected consumer morale as shoppers continue to open their wallets and spend to support expanding a strong overall economy. In Italy, consumer confidence in January 2020 grew to 111.8 from 110.8
China’s peer-to-peer (P2P) lending market is headed for more turbulence in 2020 as more of its popular platforms face potentially being shut down as the government tightens regulatory reins. Gansu, Hebei, Hunan, Chongqing and Sichuan were among Chinese provinces ordering a total shutdown of P2P lending in 2019. billion yuan (US$70.4
It’s been 129 days since the NBA officially announced its shutdown and played its last regular-season game of 2020. Consumers lost jobs, burned through savings, worried that their businesses would never reopen or feared they would become casualties of a pandemic that has claimed the lives of some 140,000 Americans to date.
The balance of 2020 will be notable for what Amazon does not do. The stark fact is that retailers that can stay in business through what is basically a 90-day shutdown have access to a line of credit or receive substantial eCommerce business. Nike will end 2020 as a consistent retail force, commanding respect for more than the shoes.
For Main Street businesses, to say 2020 was challenging is an understatement. The good news, according to PYMNTS data , is that as 2020 is coming to a close, small- to medium-sized businesses (SMBs) are feeling genuinely more confident about their odds of continued survival than they were when the pandemic began.
In fact, for some people, the pandemic’s shutdown of the economy and normal life for several months provided time to breathe, with less stress from transportation or having to leave the house for work. That decline was matched by Gen Z respondents. But finances are a particular point of concern for both generations.
The first half of 2020 was a tough time to run a small business on Main Street as stay-at-home orders closed down restaurants and retailers for much or all of the past five months. And they had to expand out their consumer base.”. Early on in the pandemic, more than half of those we surveyed (58.4
A decision to reopen, even partially, must weigh the economic impact of keeping the economy locked down against the availability and effectiveness of treatments that will mitigate or eliminate the risk of another serious outbreak, as well as illness and deaths, within months of reopening – and the potential for another shutdown.
Online retail giant Wayfair saw its sales surge in the first quarter of 2020, even while its net loss grew. The company’s increase in sales comes as shutdown orders have swept the globe. million during the first quarter of 2020. Wayfair’s total net revenue increased $385.2 million to $2.3 That’s up from $243.97
Until recently there was “a consumer” who industry felt it understood, and whose tastes it knew well enough to gauge the market of new products and services. Business roadmaps predating 2020 aren’t much use these days, however, as COVID has altered the terrain.
"It's gratifying that KKR sees such incredible value in our brand and that they will continue to support us in doing what we do best — delivering the best vision care to consumers with the highest quality customer service,” 1-800 Contacts CEO John Graham said in the announcement.
American consumers will be spending more time at home this summer as they continue to social distance amid the COVID-19 pandemic, and they are thus examining ways to spruce up their surroundings with home improvements and backyard landscaping projects. European Consumers Show Similar Trends . European Consumers Show Similar Trends .
The second is the rise of direct-to-consumer (DTC) brands. billion , with that figure expected to grow more than 24 percent in 2020. As Labor Day is the gateway to the all-important fourth quarter, it’s a good time to look at where the DTC category will end up when the dust has finally cleared on 2020: How COVID-19 Boosted DTC.
“2020 will be the year when businesses invest in filling their information and skill gaps to take advantage of digital commerce.”. Unfortunately, this extended period of shutdowns and slow economic activity means fewer businesses will be around in the latter half of the year.
There are less than two weeks until Christmas, and the retail industry, as per usual in 2020, finds itself in uncharted territory. And just weeks after they could open for limited business, malls and department stores are threatened with another nonessential retail shutdown as the virus surge rages on. Fragrance is booming.
Take a look (and have a listen) at our 10 favorite podcasts from 2020. As much as a click from the Kardashians helped spread the brand awareness and jump-start his company, Molnar said, as a spending trend among young consumers set the stage for BNPL's success. Is 2020 Healthcare’s Year To #KillTheCheck?
If department stores survive this pandemic, July 1, 2020 will almost certainly mark the point where the format reached one of its darkest days. in general and Southern states in particular unable to control the spread of COVID-19 at this point, the scenario of yet another retail shutdown looms. s John Lewis – and, in the U.S.,
Consumer spending, which represents roughly two-thirds of the U.S. Net-net, consumers couldn’t get out to shop last month as the pandemic virus fight kept them at home, and the result is an economy that has simply collapsed,” Chris Rupkey, chief financial economist at MUFG Union Bank, told CNBC. GDP, took a 16.4
The shutdowns are on in the European Union as COVID-19 cases rise and local leaders work overtime to bend back the curve because their hospital ICU beds are outstripped by the exploding number of new cases. is far from the only continental player tapping into shutdowns. In the U.K., Ownership of voice-activated devices by U.S.
On the whole, Karen Webster noted on New Years Day, 2020, making predictions at this time of year is irresistible, risky business. But no one was predicting a global pandemic that would shutdown the travel industry, events and physical retail. That reconfiguration has meant that the places consumers call home have had to change, too.
The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts,” said Lawrence Yun, NAR’s chief economist, in a statement. . The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts,” Yun said. “As
1, 2020 of $893.2 As insight into consumer behavior grows, management continues to execute inventory control measures with the continual goal of aligning purchases with sales,” Dillard’s said in a statement. According to Placer, Macy’s had already started off 2020 with mixed traffic numbers, seeing year-over-over visits down 0.9
The year 2020 began inconspicuously — but in a few short weeks, everything changed. For the corporate card, 2020 has been a season for dramatic shifts in how the payment tool is used and the value it adds to the enterprise. It’s a shift that will almost certainly continue into the autumn and winter months towards the closure of 2020.
Though they’ve overcome serious technical hurdles, work well, and are now in the hands of billions of smartphone-owning consumers, mobile wallets including those from Big Tech players Apple and Google are starving for share as Q1 2020 usage slipped below an unimpressive 2019. Between March 10 and March 18 PYMNTS surveyed 5,557 U.S.
The year 2020 is no different in this regard, except for the fact that every single person saying it this time around absolutely means it — and is being 100 percent accurate in the description. But by midsummer, Clark said, the data show that consumers will start entering a far less shutdown world. Following The Roadmap Faster.
Boston’s Petit Robert Bistro , one of the city’s fanciest French restaurants, started 2020 with expectations that were anything but small. Le Garrec described his initial experience of the shutdown as something of a mad dash for survival. But will the consumers actually return? This is what it has been like all the way through.
Consumers certainly want to dine out again: When PYMNTS has polled them on the subject, eating at restaurants only trails seeing friends and family on the list of reasons to venture out. But there’s also a bit of a gap between what consumers want to do and what they will feel safe doing. But what is “normal?”. Really, really inventive.
In an earnings season defined by diminished expectations amid the worldwide economic shutdown, PayPal not only beat analysts’ expectations Wednesday (July 29) but enjoyed a record quarter. We’re committed to supporting our consumers and merchants as they work to safely navigate this new reality.”.
When the World Bank issued its 2020 predictions for the remittances market, it was bad news for service providers in the space. Interestingly, the World Bank cited the pandemic and related shutdown as the main cause of the trend, pointing to lower wages and lost jobs as a key factor. We think some of it is going to stick.
The COVID-19 pandemic hit Disney hard for the first three months of 2020, with overall revenue down $1.4 Only the final few weeks of the quarter absorbed the worldwide shutdown of Disney’s theme parks. billion largely stemming from its ravaged theme park sector, which has been closed since mid-March. billion, up from $14.9
When ABG was announced as Barneys’ owner, the company said Saks Fifth Avenue would serve as a partner for both in-store and eCommerce transactions – so the shutdown of Barneys’ sites is as expected.”. At the same time, interest from young consumers who are conscious about sustainability has provided an opportunity for the industry.
As of April 2021, the average FICO® Score in the United States sits at 716 , an increase of eight points compared to April 2020, which is around the time the economic shutdown driven by the COVID-19 pandemic began in earnest. consumers’ credit behavior, credit report, and credit history as observed in the underlying credit score data.
The fact that the masks rapidly became the fashion-statement accessory of summer 2020 should surprise absolutely no one. However, it does point to some notable shifts in spending patterns among affluent shoppers who are more immune to the economic angst that’s plaguing the average consumer these days. The Jewelry Boom.
The difference is in the way the shutdowns earlier this year spurred demands for trucks that could withstand rougher terrains as Americans turned more to vehicles ready for road trips to get out of the house. Car sales are down 19.8 percent, according to stats from Motor Intelligence.
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