retail news in context, analysis with attitude

USA Today reports on how an increasing number of retailers are not accepting cash: “They include clothing retailers such as Bonobos, Indochino, Everlane and Reformation; Amazon bookstores; Casper Mattress; Drybar hair styling; The Bar Method fitness studios; and United and Delta airlines (both at ticket counters and for in-flight food and drinks).”

According to the story, “The trend is partly rooted in the growth of credit- and debit-card transactions and the spread of digital wallets such as Apple Pay and Google Pay. Cash isn’t dead, but it’s no longer king. Jerry Sheldon, vice president of IHL, a retail and hospitality consulting firm, foresees cashless restaurants and stores comprising 40 to 50 percent of all retailers within 10 to 15 years as greenback use continues to dwindle.”

USA Today goes on: “The retailers are largely following shoppers’ habits. Thirty percent of all retail transactions are in cash, down from 40 percent in 2012, according to IHL and the Federal Reserve. Only about a quarter of Americans made all or most of their retail purchases with cash in 2016, down from 36 percent five years earlier, a Gallup poll shows. Millennials are especially cash averse. Twenty-one percent of those age 23 to 34 said they make most or all of their purchases with cash, down from 39 percent five years earlier.”
KC's View:
Whenever I hand cash to a checkout person, they seem amazed. It is nice to have that option, but I’m not sure I’d miss it if it were gone.