Q3 2023 Consumer Pulse Report
Marqeta conducted a survey of over 3,000 consumers in the US and UK, to gauge their sentiment about their finances and financial service providers amid a challenging macroeconomic environment.
In partnership with Propeller Insights, Marqeta conducted a survey of over 3,000 consumers in the US and UK, to gauge their sentiment about their finances and financial service providers amid a challenging macroeconomic environment. The survey shows that recessionary fears are lingering, opening the door to new Generative AI and embedded finance solutions to help them manage their finances.
52% of consumers under 50 years old said they’d be interested in using Generative AI to manage their finances
67% of consumers reported that they’ve changed their financial habits to cut spending
64% of UK consumers said they would sacrifice something important to them if they could get daily access to their wages
Generative AI’s place in financial management
According to the survey, over one-third (36%) of consumers are interested in using Generative AI to manage their finances, with that number increasing to over 50% for individuals younger than 50 years old. When comparing the US and the UK, consumers in the UK were less likely to be interested in Generative AI, with 29% saying yes compared to 40% in the US.
Consumer brand loyalty is rooted in the customer experience
The report details how consumers are most influenced by a positive customer experience when making a purchase with a brand, over social responsibility or corporate values. The majority (85%) of consumers think the checkout or payment experience is more important than a company’s corporate values or social positions when purchasing from a brand.
Consumers want faster access to their pay
Consumers are struggling amid an ongoing cost of living crisis and the idea of getting paid daily is attracting interest – over two-thirds of consumers (66%) saying that if presented with a choice, they would sacrifice something important to them to get paid daily. In the UK, consumers said one year of takeout food, haircuts, or social media would be the items they’d most likely give up to have faster access to their paychecks, underlining the demand for a transformation in how workers get paid in today’s economy.
Download the full report.
