Cashback Contributes to the Growth of Shopping Spending
A recent study on the impact of cashback programs reveals that this strategy has significantly boosted spending on purchases, both in Portugal and worldwide.
According to data from Portugal’s National Institute of Statistics (INE), spending on purchases in the country has increased by an average of 7.5% in the last twelve months, with a peak growth of 10.5% recorded in the last three months. This increase coincides with the growing adoption of cashback programs by Portuguese consumers.
Cashback programs allow consumers to receive a portion of the money spent on purchases back, encouraging loyalty and increased spending. With the offer of financial rewards, consumers are more motivated to spend, especially in categories such as electronics, fashion, and home goods.
Internationally, the trend is equally notable. Data from Euromonitor International reveals that the global cashback market has grown by 12% in the past year, with North America and Europe leading this movement. This global growth demonstrates that cashback programs are a lasting trend that continues to attract consumers worldwide.
The increased use of cashback programs can also be attributed to the impact of the COVID-19 pandemic. With mobility restrictions and health concerns, consumers sought ways to save money and get the most value out of their purchases. Cashback programs became an attractive way to do just that.
Companies in Portugal and around the world are recognizing the potential of these programs in attracting and retaining customers. It is expected that this growth trend will continue as more companies implement cashback programs to meet consumer expectations for savings and rewards.
In summary, cashback programs have proven to be an effective strategy in boosting spending on purchases, both in Portugal and globally, as consumers seek ways to maximize the value of their expenses and save money. This trend promises to continue growing in the coming years, shaping the shopping landscape worldwide.
https://beamwallet.com/cashback-contributes-to-the-growth-of-shopping-spending/
