Visa’s Findings on AI and Cryptocurrency in Holiday Shopping
As the holiday season approaches, Visa has published findings that shed light on how artificial intelligence (AI) and cryptocurrency are shaping consumer purchasing habits. The survey indicates a significant transformation in shopping behaviors, especially among younger demographics like Gen Z. Almost half of American shoppers are reportedly utilizing AI tools to improve their holiday shopping experiences. Notably, this trend is particularly pronounced among younger consumers, who are increasingly choosing digital payment options.
The Emerging Role of Technology in Holiday Shopping
According to the survey, 47% of consumers in the U.S. have employed AI in some shopping capacity, with the search for gift recommendations being the most popular use case. Furthermore, acceptance of cryptocurrency as a gifting medium is gaining momentum, with 28% of respondents expressing willingness to receive digital currency, a figure that jumps to 45% among those in Gen Z. This rising interest coincides with a growing belief that stablecoins, a type of cryptocurrency, could play a major role in future transactions, as 10% of shoppers anticipate their dominance by 2030 and 28% expect increased utilization by 2035.
Bruce Cundiff, VP of Consumer Insights at Visa, remarked on the noteworthy changes in consumer behavior: “Our data presents a compelling narrative about the shifting landscape of shopping. The rapid adoption of AI and digital technologies, driven by younger generations, signifies a profound transformation in commerce.”
Gen Z Leading the Charge with Digital Shopping Innovations
The data reveals that Gen Z stands out as the frontrunner in the use of innovative shopping techniques. The survey highlights that 71% of Gen Z shoppers are inclined to use biometric authentication, 60% are purchasing items from international retailers, and 44% have engaged in cryptocurrency transactions. Additionally, this demographic shows a strong preference for shopping on social media platforms, with 55% using these channels to make purchases. In terms of payment methods, 36% of Gen Z consumers now favor digital wallets over traditional card payments, narrowing the gap between the two options.
Interestingly, 41% of Gen Z shoppers are planning to travel more during the holiday season compared to the previous year, signaling a desire for a more integrated shopping experience.
A Shift Toward Enhanced Security and Consumer Trust
As the reliance on technology in shopping grows, consumers are simultaneously seeking increased transparency and security. While AI shopping assistants are becoming more prevalent, a considerable 61% of participants still prefer interacting with human representatives for customer service. Additionally, 66% harbor concerns about potential online scams affecting their families during the holidays, underscoring the need for enhanced trust in digital shopping environments.
Evolving Shopping Patterns Amid Economic Pressures
Visa’s research also reveals that many consumers are choosing to kick off their holiday shopping earlier this year, with over a quarter having started by November. The company forecasts a 4.6% increase in total holiday spending in the U.S. from the previous year, reflecting Americans’ commitment to celebrating the season, even against a backdrop of economic uncertainty.
In conclusion, Visa’s findings highlight a critical juncture for the retail and payments sectors, where advancements in technology, cryptocurrency, and the purchasing preferences of younger generations are redefining the commercial landscape this holiday season.
