Apparel is the most expensive category, with 69 percent of respondents having purchased clothing in the previous month and 54 percent planning to do so in the coming month.
FREMONT, CA: Vesta, an end-to-end transaction guarantee platform for online purchases, has introduced survey results showing an impressive increase in consumer spending driven by a return to post-pandemic life in the U.S. Nearly half (49 percent) of respondents spent more than $250 on non-essential items last month as well as 63 percent intend to spend at least $100 on non-essential items this month.
Apparel is the most expensive category, with 69 percent of respondents having purchased clothing in the previous month and 54 percent planning to do so in the coming month. This was followed by restaurant dining, with 58 percent of respondents having dined out in the previous month and 36 percent intending to do so in the coming month. Electronics rounded out the top expenditure categories, with 53 percent of respondents purchasing an electronic device in the previous month and 41 percent planned to do so in the coming month.
According to the report, the majority of consumers still prefer to shop online, with 64 percent of purchases completed on a desktop or mobile device. 42 percent of respondents used a credit card to make their most recent non-essential transaction, while 30 percent used a debit card. Only 10 percent of all purchases were done in 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," stated Ron Hynes, CEO of Vesta. "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."