365 Blog: Think Cash Is Dead? Think Again

In a recent blog, Joe Hessling, CEO of 365 Retail Markets, argues that contradictory to popular belief, cash isn’t losing steam. Hessling cites a 2014 study done by the Federal Reserve which asked its nearly 2,500 respondents to keep a purchasing diary over three days. The study found that while 43 percent of purchases were made with a debit card, 40 percent of young adults preferred cash. “The most interesting part of the study that related to our industry was that 60% of all purchases made with cash by the respondents were for food and personal care times,” wrote Hessling. “And shockingly, in small ticket instances, from 0$-$9.99, that usage got as high as 66%.” Read blog.