Consumer payment preferences in Germany are shifting. While cash remains the preferred method, buy-now-pay-later options can influence purchasing decisions.
Convenience is now at the heart of preferred payment methods in Germany, and are increasingly influencing purchasing decisions. The convenience of digital payments is particularly appealing to younger, higher-income Germans. Failing to offer their preferred options, risks alienating this consumption-driven target group and losing valuable customers.
Flexibility in payment timings is another key factor in consumer payment preferences. Buy-now-pay-later options are particularly important for wealthier consumers, influencing their purchasing decisions. Consumers with tighter budgets could also benefit from such options, but they need to feel more confident and secure in managing their more-limited finances effectively when using these services.
Retailers seeking to adapt to a more digital, cashless society must consider that many Germans, especially those on tight budgets, still rely on cash for financial control. For now, a balance between cash and cashless payments is essential, perfectly catering to German consumer payment preferences.
Key Topics Analysed in this Report
This report is written by Lena Rittmann, Analyst. Lena focuses on reports that provide consumer insights, covering various industries. During her studies and her internships, she gained practical experience in social media monitoring and journalism and completed a one-year training in media consulting and planning. She holds a M.Sc. in International Management from Bochum University of Applied Science.
Younger and wealthier consumers are driving the move towards a cashless society, but those with tighter budgets need better support when it comes to budgeting in order to gain confidence in these payment methods.
Lena Rittmann
Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more£ 5,000 – £ 21,600
Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...
Find out more£ 2,195
Following years of high food and drink inflation, German grocery shoppers remain highly price sensitive. 87% of grocery shoppers compare prices between own-label...
Find out more£ 2,195
Shifting priorities have led to shorter daily beauty/grooming routines for both women and men. Daily hair washing and showering is now optional for many. Young German men are...
Find out more£ 2,195
Personalised beauty is an exciting market with growth potential. In fact, 60% of Germans, rising to 84% of 16-34 year olds, are interested...
Find out more£ 2,195
Contrary to popular belief, younger Germans, not older ones, are most affected by loneliness, and are grappling with the paradox of hyper-connectivity. Loneliness has tangible implications on health...
Find out more£ 2,195
Despite 55% of Germans with cleaning responsibilities believing insect pest control products are dangerous, 43% of them still...
Find out more
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Mintel helps us when we want to know something quickly – it provides fast answers to our questions. If we need to get a view of what’s going on in a particular market it’s very useful.
When carrying out background research, I find Mintel an excellent starting point.
The fact that it covers so many markets is a big plus for me– instead of having to buy specialist products in each area we are interested in, especially when we only require a brief view on a particular market, we can go to Mintel for help as a one-stop shop. I find Mintel a useful and valuable resource.
Working in a customer-obsessed organization means that data and insights have to be at our fingertips. Mintel’s reports help us support anecdotes with real quantifiable insights. The summary sections (which I really like) helps save time by giving a birds eye view of the content before spending time combing through the pages.
Our business review discussions are strengthened by the relevancy of the reports to help us better understand our customers. In addition, the customer service received from the team (especially in crunch periods) makes the process of understanding customer behavior even better.
We’ve found it so useful working more closely with Mintel. They helped support our recent flagship event for our top suppliers by providing a really unique viewpoint on the future of online retailing.
Nick Carroll from their Retail Team was also an excellent panelist, sharing useful and actionable consumer insights. We definitely look forward to working with Mintel again on future projects.
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
