People want to buy using crypto assets. That’s what a new report from PYMTS indicates. According to the document, 35% of “tech-driven” consumers prefer stores that accept crypto assets. In addition, 26% of respondents said they would switch brands to shop where crypto payments are accepted.
Even for the most basic tech consumers, those who buy devices such as smartphones or tablets, crypto asset matters in commerce. According to the report, 23% of basic tech consumers prefer to shop at places that accept crypto. This is also the case for 20% of “mainstream” consumers, who own an average of six connected devices.
Who are the “tech-driven” consumers
In the report, there is an indication of a difference between “tech-driven” consumers and basic consumers. “In the digital economy, all consumers are connected, but not all are connected equally. For some, digital life consists of a smartphone or a laptop, not much more. For others, the tech-driven, there is no such thing as ‘having many devices.’ These are consumers ready to join the latest digital trends and try out the newest devices Silicon Valley has to offer,” the paper points out.
Tech-driven consumers use smartphones, smartwatches, tablets, e-readers, and notebooks. Such consumers represent only 15% of the overall market, but they can start and drive innovation in technology. As these consumers are early adopters, once they get used to a particular technology or a device, it is when these are ready to be popularized.
By showing that there is a larger share of “tech-driven” consumers who want to transact with crypto assets in stores, the research indicates that such usage is close to popularization.
Investment & buying
People tend to buy crypto assets for investment purposes and then use these earnings as payment. For example, “42% of tech-driven consumers buy crypto assets to invest, and 33% use them to make purchases.” In addition, 40% of these consumers have made purchases using crypto online in the past 30 days.
On the other hand, among “standard” consumers, who buy fewer devices but are online, 25.8% hold crypto assets to transact, and 52% indicate that the investment is what attracts them to having crypto assets. For 39% of “basic-tech” consumers, crypto assets holdings are for transacting rather than investing.
Despite the bear market in 2022, even investors are optimistic about the industry’s prospects in 2023. A survey by Blockchain.com showed that 40% of respondents intend to continue investing in crypto assets in 2023. Check it out!