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U. S. consumer cash use, 2012 and 2015: an introduction to the Diary of Consumer Payment Choice

Author

Listed:
  • Claire Greene
  • Shaun O'Brien
  • Scott Schuh

Abstract

U.S. consumer cash payments averaged 26 percent of all U.S. consumer payments by number (volume share) from 2008 to 2015, according to the Survey of Consumer Payment Choice (SCPC), and were essentially unchanged between 2012 and 2015. New estimates from the Diary of Consumer Payment Choice (DCPC) show that the volume share of consumer cash payments is higher than estimated in the SCPC and suggest that the cash volume share was 8 percentage points lower in 2015 than in 2012. The DCPC most likely does not provide an accurate estimate of the actual change in the cash volume share, however, due to changes in survey methodology. Counterfactual simulations controlling for survey and economic changes suggest the cash volume share declined approximately 2 to 5 percentage points due to changes in consumer preferences between 2012 and 2015.

Suggested Citation

  • 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.
    • Handle: RePEc:fip:fedbdr:17-6
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Claire Greene & Scott Schuh & Joanna Stavins, 2017. "The 2015 Survey of Consumer Payment Choice: summary results," Research Data Report 17-3, Federal Reserve Bank of Boston.
    2. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2017. "The 2012 diary of consumer payment choice: technical appendix," Research Data Report 17-5, Federal Reserve Bank of Boston.
    3. Hiroshi Fujiki, 2020. "The use of noncash payment methods for regular payments and the household demand for cash: evidence from Japan," The Japanese Economic Review, Springer, vol. 71(4), pages 719-765, October.
    4. Claire Greene & Joanna Stavins, 2018. "The 2016 and 2017 surveys of consumer payment choice: summary results," Research Data Report 18-3, Federal Reserve Bank of Boston.
    5. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2018. "The 2015 and 2016 diaries of consumer payment choice: technical appendix," Research Data Report 18-2, Federal Reserve Bank of Boston.
    6. Hiroshi Fujiki, 2023. "Attributes needed for Japan’s central bank digital currency," The Japanese Economic Review, Springer, vol. 74(1), pages 117-175, January.
    7. Hiroshi FUJIKI & Kiyotaka Nakashima, 2019. "Cash Usage Trends in Japan: Evidence Using Aggregate and Household Survey Data," Working Papers e131, Tokyo Center for Economic Research.
    8. Claire Greene & Scott Schuh, 2017. "The 2016 Diary of Consumer Payment Choice," Research Data Report 17-7, Federal Reserve Bank of Boston.
    9. Fujiki, Hiroshi, 2020. "Cash demand and financial literacy: A case study using Japanese survey data," Japan and the World Economy, Elsevier, vol. 54(C).
    10. Claire Greene & Scott Schuh & Joanna Stavins, 2018. "The 2012 diary of consumer payment choice," Research Data Report 18-1, Federal Reserve Bank of Boston.

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    More about this item

    Keywords

    payments; consumer behavior; Survey of Consumer Payment Choice; Diary of Consumer Payment Choice; Cash; money;
    All these keywords.

    JEL classification:

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

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