According to a recent consumer study conducted by Worldline in six European countries, affordable prices are the biggest motivation for European consumers to engage in cross-border shopping. This study shows that approximately half of consumers often shop outside of their domestic market.
Worldline’s research report reveals the changes in consumer online shopping behavior in the European Union region. The rise of Cost of living has become the most urgent concern of consumers. The research report emphasizes that consumers are adjusting their shopping habits and taking cost saving measures, and prices, coupons, and discounts play a crucial role in their decision-making process.
Worldline Regional Business Director Bj ö rn Hoffmeyer stated that price sensitivity has reached an unprecedented level: “Consumers are more sensitive to prices than ever before.” This is true in all six countries studied (Belgium, France, Portugal, Spain, Netherlands, and United Kingdom). The increase in price sensitivity is affecting online consumption.
Worldline stated that in order to seek good deals, European online shoppers are increasingly turning their attention to foreign online stores. About half of consumers often shop outside their domestic market, with a high proportion in Portugal (75%) and the Netherlands (70%). Young consumers, especially Millennials and Generation Z shoppers, are at the forefront of this trend.
As consumer habits evolve, their payment methods are also changing. With the rise of cross-border e-commerce, customers are seeking international and flexible payment methods. Bank cards are still the preferred payment method, but digital wallets are challenging their dominance. Other payment methods, such as BNPL, are also becoming increasingly popular.
Post time: Jun-29-2023