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2018 Findings from the Diary of Consumer Payment Choice
General Information
Title
2018 Findings from the Diary of Consumer Payment Choice
Author
Raynil Kumar, Tayeba Maktabi and Shaun O'Brien
Publication Type
Working paper
Outlet
Federal Reserve Bank of Boston Research Data Reports
Year
2018
Abstract
The 2018 report on the Diary of Consumer Payment Choice (DCPC) was the fourth Diary study conducted by the Federal Reserve. A demographically-representative sample of approximately 2,800 individuals participated in the Diary in October 2017. Findings from the 2017 DCPC show:
• Cash continues to be the most frequently used payment instrument, representing 30 percent of all transactions and 55 percent of transactions under $10.
• While online shopping continues to grow, 77 percent of payments were made in-person.1 For these in-person payments, cash accounted for 39 percent of the volume.
• Survey respondents between 18 to 25 years of age and those 45 years and older use cash approximately 34 percent of the time to pay for transactions.
• In 2017, consumers held more cash on average than their 2015 and 2016 counterparts, though the difference was not statistically significant.
• Cash continues to be the most frequently used payment instrument, representing 30 percent of all transactions and 55 percent of transactions under $10.
• While online shopping continues to grow, 77 percent of payments were made in-person.1 For these in-person payments, cash accounted for 39 percent of the volume.
• Survey respondents between 18 to 25 years of age and those 45 years and older use cash approximately 34 percent of the time to pay for transactions.
• In 2017, consumers held more cash on average than their 2015 and 2016 counterparts, though the difference was not statistically significant.