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When the COVID-19 pandemic hit, we didn’t know what the global markets had in store for us. While public health may have since improved, the economic impact persists. From inflation to supply chain issues, shoppers worldwide are feeling the strain.
These events have reshaped the perspective, behaviors, and actions of many shoppers. Our 2022 PayPal Borderless Commerce Report dives deep into 14 different markets and outlines what these changes are, and what they mean for businesses.
Understanding what shoppers value is more important than ever and key to unlocking a huge global opportunity for retailers.
Three key shifts observed in the survey indicate:
- Changes in how consumers live and work influence how they buy: 46% of online shoppers surveyed prefer retailers that offer flexibility with the option to spread payments.
- Economic uncertainty is playing a leading role in what shoppers spend on: 57% of online shoppers surveyed spent more on products they could enjoy with friends and family.
- As shoppers started to re-evaluate what was important to them, the brands they chose and why began to change as well: 59% of shoppers surveyed are willing to pay more for brands they feel do give back to society.
Read the full findings of the PayPal 2022 Borderless Commerce Report here.