In an increasingly connected world where news, retail shopping, banking and entertainment are available 24/7 on a variety of mobile devices, fear of missing out (FOMO) is a legitimate phenomenon.
According to the new Nielsen Mobile Shopping, Banking and Payment Report, released Tuesday, 53% of global consumers say they feel anxious when their mobile devices are not close at hand.
Two-thirds (56%) can’t imagine life without mobile devices, and 70% say their mobile device makes their life better.
Two-thirds of global respondents (66%) agree that face-to-face interactions are being replaced with electronic ones, but that might not be a problem as almost half (47%) say they prefer texting to talking anyway.
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While mobile has transformed the way we communicate and stay connected with each other, it has also revolutionized the world of retail and banking as it is providing financial inclusion to the estimated 2 billion “unbanked” consumers around the world.
Growth in access to cashless payments is estimated to lead to $10 trillion in additional consumer spending over the next decade, according to a new report by The Demand Institute, jointly operated by Nielsen and The Conference Board.
“Mobile commerce has enormous implications for the entire retail ecosystem,” said Stuart Tagg, financial services leader, Nielsen Europe. “Mobile devices are not only bringing new consumers into the modern, connected economy, but they are enabling a more customized experience.”
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Key Findings of the Nielsen Mobile Shopping, Banking and Payment Report:
- Globally, mobile devices are indispensable shopping buddies to compare prices (53%), look up product information (52%), look for coupons or deals (44%), make better shopping decisions (42%), make shopping trips quicker or more efficient (41%) and purchase products (38%).
- Worldwide, 38% of respondents say they purchased a product or service on their mobile device in the past six months, and 34% say they’ve used a mobile app to make a purchase in the same period. Asia-Pacific has the highest self-reported rates of mobile purchasing. Half of respondents in China (50%), and roughly half in India (49%), South Korea (47%) and Vietnam (46%) say they purchased a product or service using their mobile device in the past six months.
- Globally, mobile banking activities, such as accessing account information (47%) and paying bills (42%) are more common than transferring money between bank accounts (36%).
- Around the world, just over one-quarter of respondents (27%) say they’re highly likely to use a mobile-only bank serviced entirely through a mobile app. Mobile-only banking is most popular in developing countries with large unbanked populations, with usage rates highest in India (46%), Indonesia (37%), Mexico (34%) and Turkey (34%).
- Only 28% of global respondents are highly likely to use mobile payments in bars, restaurants or retail stores, with rates highest in India (46%) and China (45%).
The Nielsen Mobile Shopping, Banking and Payment Survey was conducted March 1–23, 2016, and polled more than 30,000 online respondents in 63 countries throughout Asia-Pacific, Europe, Latin America, the Middle East / Africa and North America to understand how mobile devices are influencing three distinct yet interconnected activities: shopping, banking and payments.