Crypto-shopping is emerging fast in the developed economies

Cryptorefills Labs’ 2022 report provides great insight into the crypto-shopping preferences of consumers across the globe. Based on the information in the report and comparing the current statistics with the previous year’s report, it is seen that crypto is increasingly being used as a means of payment in developed markets. Demand from emerging and least developed markets can be linked to the fact that many people there have no access to traditional financial services such as credit cards, or are facing hyperinflation in their local currency. That makes the rising demand from more developed markets all the more worth paying attention to. The chart above compares the data from 2021 to 2022 and shows the increase in the share of crypto-consumers in high-income countries, as well as OECD members and states in the European Union, which often are categorised as well-developed.

One possible reason for the demand for crypto-shopping in developed markets is the growing awareness and acceptance of crypto as a legitimate form of payment, especially among the well-educated and tech enthusiast circles. As more businesses and individuals begin to accept crypto in daily trade, it becomes more convenient for consumers to use their crypto assets for everyday purchases. According to many crypto-consumers from developed economies, the appeal of crypto-shopping may also be driven by the desire to support a decentralised and democratised financial system. By using crypto for purchases, consumers can support the growth and adoption of this new technology, potentially contributing to a shift away from traditional banking systems and towards more decentralised and transparent alternatives.

Additionally, many consumers with privacy concerns may prefer the anonymity and personal security that comes with using crypto for online shopping, as it reduces the risk of information leakage to unauthorised third parties, identity theft and fraud. Moreover, what else contributes to the demand for crypto-shopping in developed markets is, without a doubt, the potential for financial gains. As crypto prices have fluctuated dramatically over the past few years, some consumers view it as a way to invest and potentially earn profits. By using their crypto for online shopping, they may be able to both spend and invest their assets simultaneously.

Last but not least, another factor must be the increasing number of immigrants flowing into developed countries, especially in Europe, from conflict-affected zones, such as Ukraine and Russia, suffering from the complicated war situation for over a year. Immigrants may find it convenient (i.e., cheaper and faster) to make remittances from and to their home countries through crypto instead of alternative methods offered by banks, payment processors, or remittance services. In some cases, however, transferring crypto may even be the only option available to them.

Stay crypto-tuned.