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The 2012 diary of consumer payment choice

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  • Claire Greene
  • Scott Schuh
  • Joanna Stavins

Abstract

This paper describes the results, content, and methodology of the 2012 Diary of Consumer Payment Choice (DCPC), the first edition of a survey that measures payment behavior through the daily recording of U.S. consumers? spending by type of payment instrument. A diary makes it possible to collect detailed information on individual payments, including dollar amount, device (if any) used to make the payment (computer, mobile phone, etc.), and payee type (business, person, government). This edition of the DCPC included about 2,500 participants and was conducted in October 2012. During that month, U.S. consumers on average made about two payments per day. For the month, they paid mostly with cash (40 percent of payments) and debit cards (24 percent), followed by credit cards (17 percent). For recurring bill payments, consumers most commonly used electronic payments and checks. Like other payment-value data, the DCPC data show correlations between the choice of payment instrument and the dollar value of expenditure. For example, consumers tend to use cash more often than other instruments for small-value payments. The results of subsequent editions of the DCPC are reported in separate papers.

Suggested Citation

  • Claire Greene & Scott Schuh & Joanna Stavins, 2018. "The 2012 diary of consumer payment choice," Research Data Report 18-1, Federal Reserve Bank of Boston.
    • Handle: RePEc:fip:fedbdr:18-1
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    References listed on IDEAS

    as
    1. Klee, Elizabeth, 2008. "How people pay: Evidence from grocery store data," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 526-541, April.
    2. John Bagnall & David Bounie & Kim P. Huynh & Anneke Kosse & Tobias Schmidt & Scott Schuh, 2016. "Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 1-61, December.
    3. Claire Greene & Scott Schuh, 2014. "U.S. consumers' holdings and use of $100 bills," Research Data Report 14-3, Federal Reserve Bank of Boston.
    4. Scott L. Fulford & Claire Greene & William Murdock, 2015. "U.S. consumer holdings and use of $1 Bills," Research Data Report 15-1, Federal Reserve Bank of Boston.
    5. Claire Greene & Shaun O'Brien & Scott Schuh, 2017. "U. S. consumer cash use, 2012 and 2015: an introduction to the Diary of Consumer Payment Choice," Research Data Report 17-6, Federal Reserve Bank of Boston.
    6. Marco Angrisani & Arie Kapteyn & Scott Schuh, 2014. "Measuring Household Spending and Payment Habits: The Role of "Typical" and "Specific" Time Frames in Survey Questions," NBER Chapters, in: Improving the Measurement of Consumer Expenditures, pages 414-440, National Bureau of Economic Research, Inc.
    7. Geoffrey R. Gerdes & May X. Liu & Darrel W. Parke & Jack K. Walton, 2005. "Trends in the use of payment instruments in the United States," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 91(Spr), pages 180-201.
    8. Oz Shy, 2013. "How many cards do you use?," Working Papers 13-13, Federal Reserve Bank of Boston.
    9. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2014. "The 2011 and 2012 Surveys of Consumer Payment Choice: technical appendix," Research Data Report 14-2, Federal Reserve Bank of Boston.
    10. Cohen, Michael & Rysman, Marc, 2012. "Payment Choice with Consumer Panel Data," Working Paper series 148348, University of Connecticut, Charles J. Zwick Center for Food and Resource Policy.
    11. Robert B. Avery & Gregory E. Elliehausen & Arthur B. Kennickell & Paul A. Spindt, 1987. "Changes in the use of transaction accounts and cash from 1984 to 1986," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Mar, pages 179-196.
    12. Marcin Hitczenko, 2015. "Estimating population means in the 2012 Survey of Consumer Payment Choice," Research Data Report 15-2, Federal Reserve Bank of Boston.
    13. Marcin Hitczenko, 2013. "Optimal recall period length in consumer payment surveys," Working Papers 13-16, Federal Reserve Bank of Boston.
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    Cited by:

    1. Claire Greene & Joanna Stavins, 2020. "2018 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2019-3, Federal Reserve Bank of Atlanta.
    2. Shy, Oz, 2021. "Cashless stores and cash users," Journal of Policy Modeling, Elsevier, vol. 43(3), pages 622-638.
    3. Shy, Oz, 2020. "How currency denomination and the ATM affect the way we pay," Journal of Economics and Business, Elsevier, vol. 111(C).
    4. Claire Greene & Scott Schuh, 2017. "The 2016 Diary of Consumer Payment Choice," Research Data Report 17-7, Federal Reserve Bank of Boston.
    5. Takanori ADACHI & Mark J. TREMBLAY, 2022. "Do No-Surcharge Rules Increase Effective Retail Prices?," Discussion papers e-22-003, Graduate School of Economics , Kyoto University.

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    More about this item

    Keywords

    credit cards; payment preferences; checking accounts; checks; cash; prepaid cards; debit cards; Diary of Consumer Payment Choice; electronic payments;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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