New Marks and Spencer Bank research indicates that about a quarter of UK consumers use debit cards more often than they did a year ago, reports Finextra. Furthermore, four-in-10 shoppers said they would rather use their debit card than have to carry cash around. The report also revealed a 14 percent increase in credit card use in the last year.
Consumers between the ages of 18-35 had the highest increase in debit card use, ranking at 33 percent. Those aged 35-54 came in second place, with 27 percent. The 55-plus group came in last with the smallest increase, at 18 percent.
M&S Bank also reported that British shoppers are spending smarter, with over half of respondents saying loyalty points influence how and where they shop. Six-in-10 consumers own a rewards card that they use when shopping, and more than two-thirds said they frequently redeem loyalty points.