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Consumers still prefer cash payments

BUSINESS
By By Frankline Sunday | January 8th 2014

By Frankline Sunday

Kenyan consumers still prefer to pay for their daily transactions using cash despite numerous advancements that have been made in plastic and mobile money.

According to the latest survey by Consumer Insight, more than 98 per cent of consumers still pay for their goods and services using cash.

The survey further indicates that the use of cash in transactions has remained dominant in the Kenyan economy accounting for an average of 97 per cent of transactions carried out since 2011. Only 2 per cent of Kenyans surveyed stated that they paid for their goods using debit or credit cards in 2013 with 3 per cent having used loyalty points. The recent findings come at a time when mobile companies and financial service providers are courting more consumers in the country to adopt alternative forms of payment.

The survey from consumer insight further profiles shoppers in an attempt to draw relationships on the spending habits of consumers of different ages. According to the survey, 21 per cent of the consumers polled were found to be between the ages of 20-24 years while those who were between the ages of 25-29 accounted for 33 per cent. Consumers who were above 40 years accounted for only seven per cent of the population sampled. Overall, 55 per cent of the consumers sampled said that they shopped weekly with only 8 per cent stated that they shopped once a month.

At the same time, an overwhelming majority of consumers stated that their overall expenditure had grown bigger with 83 per cent of those polled stating they spent more on their shopping in 2013 compared to a similar period the previous year.

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