Despite latest news reports citing plunging crypto prices, a quarter (25%) of Brits would like Amazon to offer cryptocurrency as a payment option.
The Cryptocurrency on the High Street Report by trusted savings site VoucherCodes.co.uk, analyses the UK’s attitudes and spending behaviours towards virtual currency. It reveals that over a third (34%) of people now own a form of cryptocurrency.
When looking at which top UK retailers Brits are keen to spend their cryptocurrency with, its everyday retailers topping the charts. Tech giant Apple takes second place, with 14% of people wanting the option to buy their latest iPhone and accessories with the digital currency. However, it’s not just tech that people want to spend their hard-earned digital coins on as one in ten (10%) state they’d like to purchase their weekly shopping in Tesco and Asda and book flights with British Airways using cryptocurrency.
Top 10 UK retailers Brits would like to offer cryptocurrency as a form of payment:
Rank
Retailer
Percentage of Brits who would like to see the retailer offer cryptocurrency as a form of payment (%)
1
Amazon
25%
2
Apple
14%
=3
Argos, British Airways, Tesco, Asda, Adidas
10%
8
Aldi
9%
9
JD Sports
8%
=10
Nike, Boots, Sainsbury’s, Easyjet
7%
Research shows the nation is now buying essential items and commodities with their cyber cash. One of the most popular purchases amongst Brits is clothing, with 13% decking themselves out in the latest fashions using their crypto. But it’s not just the everyday items making it to the checkout, the same amount of people (13%) also used money from their digital wallet to purchase property.
Most popular crypto purchases:
Rank
Item purchased using cryptocurrency
Percentage of Brits (%)
=1
Clothing, house
13%
3
Holiday
11%
=4
Watch, gym membership
10%
Looking ahead to the future crypto landscape, a quarter (25%) of Brits think crypto will be the future of payments and the average person is willing to invest £593 in cryptocurrencies. However, when looking at differences in generational attitudes, it’s clear that younger generations are more convinced by the new currency than those who are older. Those over the age of 55 are only willing to invest £213 on average, 462% less than 18-24-year-olds who would be willing to contribute a hefty £1,197.
Anita Naik, Savings Expert at VoucherCodes.co.uk, commented: “It’s clear from our Cryptocurrency on the High Street Report that consumers are really embracing the crypto phenomenon. A large number of Brits already own digital currency and feel comfortable using this to purchase both retail and big-ticket items such as a house. With some major retailers such as Microsoft, Shopify and Etsy now accepting crypto as a form of payment, high street and online retailers appear to be adapting to consumer needs. There is a distinct appetite amongst the public for the currency to be more integrated into everyday life and everyday purchases. However, before investing any money it’s important to do your research. Having a robust understanding of how crypto works and the benefits and drawbacks of using it will enable you to gather the necessary tools and information to make a calculated decision.”
