Free digital copy
Get Speciality Food magazine delivered to your inbox FREE
Get your free copy13 June 2012, 09:34 AM
- Paying with cash is more common than a year ago and accepting customers' payments by cash is, on average, 24 times cheaper for retailers than credit card payments
The British Retail Consortium (BRC) findings make clear that, at a time when many household budgets are under severe pressure, customers are:
- Using cash more often because it helps them manage their money and prevents them spending money they haven’t got;
- Shopping more often but spending less each time.
Cash was used in 5.7% more transactions in 2011, accounting for 58% of all transactions. But the cost of the average shopping basket fell to £10.45 in 2011 from £12.93 in 2010.
The figures are from the BRC’s latest annual Cost of Payment Collection Survey which covers 2011 and includes results from around 9.4 billion transactions of all types. They add up to 59% of total UK retail sales making this the largest and most comprehensive survey of its kind.
