Consumer Bill Payment Statistics that Might Scare You

Consumer Bill Payment Statistics that Might Scare You

Since today is Halloween, we thought we’d publish some of the statistics and trends surrounding how consumers are paying their bills and what these bills are – because as we gathered all the facts we realized that some of them are a bit scary. From the overwhelming shift in payment methods and increase use of digital wallets to the shear amount of bills paid over the last year, we’ve got some consumer bill payment numbers that are sure to shock.

Just the Halloween spending stats alone are staggering. In 2017, Halloween spending is expected to reach a record $9.1 billion. This is up from $8.4 billion in 2016. The number of Americans participating in the holiday this year is up 171 million over 2016. And, in case you were wondering, around 16% of those participating will dress up their pets. The most popular pet costumes this year are a pumpkin, hot dog, dog/lion/pirate (tied) and a bumble bee. These Halloween spending numbers are important because they are an indicator of retail sales this coming holiday season.

Below are other consumer bill payment statistics that might scare you:

  • In 2016, US consumers paid approximately 14.7 billion bills for roughly $3.9 trillion.
  • Half of these bills were for utilities, credit cards, cable/TV/Internet and mobile devices.
  • The majority of US households have wireless service only.
  • 8.2 billion (56%) bills were paid online.
  • 40% of seniors still pay bills by mail, while just 15% of millennials pay their bills this way.
  • Only 8% of millennials use checks to pay bills.
  • The global mobile wallet market was at $594 billion in 2016 and is expected to grow at a CAGR of 32% from 2017-2020.
  • Due to digitization, humans have moved ahead of machines as top target for cyber criminals.
  • Cybercrime is expected to reach six billion people by 2022.
  • 125 million American consumers carry credit card debt.
  • 56 million people struggled to pay healthcare related costs over the last year.
  • Of the two million declared personal bankruptcies in 2016, 62% were due to rising medical costs.

Here are some conclusions based on the stats above:

  • Consumer demographics and behaviors are shifting. Payment behaviors and preferences are much different depending on generation and bill category.
  • Investment in digital and self-service payment options will pay off in the long run resulting in higher consumer satisfaction.
  • Cybercrime is not going away.
  • Rising out of pocket healthcare bills are affecting millions of middle-class Americans.

If you’re looking for a team that has the tools for success and can help you with customer accounts across the entire payment cycle, we are that partner. To learn more about our processes and tools for success, visit our Healthcare page here.