Cashzone has undertaken a new piece of research into the 'The Value of Cash on the UK high street.' This independent research conducted by Populus, analyses the current state of the UK high street and the challenges that retailers are facing. It delivers insights into the popularity of the high street in comparison to other shopping environments and it gives a more in-depth analysis of the role that cash plays in today's high street ecosystem, alongside other forms of non-cash payments.
TEN Key stats
- British consumers visit the high street 77 times per year and spend £26 per trip
- Convenience is a key driver for high street visits: 66% of shoppers value its easy accessibility and 60% the convenience of finding many different shops in one place.
- Around half of turnover (46%) at high street retailers is generated through cash payments.
- High street shoppers prefer cash over card for purchases below a mean value of £17.
- The vast majority of consumers (53%) say their payment habits haven't changed despite the availability of new payment technologies, while only 24% say otherwise.
- Local ATMs inject on average £16.30 per withdrawal directly into the tills of stores in the vicinity.
- This amounts to £36bn a year — more than a third of total high street spend.
- Up to 11.7m shoppers would abandon their local high street if they weren't able to withdraw money and shop at the same time.
- Retailers feel the pressure from closing high street banks: 30% of affected retailers observe a decline in shoppers, and 24% observe a decline in profits as a direct consequence of reduced access to cash on the high street.
- 42% of retailers observe that businesses on their high street have started offering cash machine services in the wake of disappearing high street banks.
Who are we? We are Cashzone. The cash machine people.