Revolut: Christmas expense survey – The Cryptonomist https://ift.tt/3mkQeJE

Revolut, the global fintech app, showed data from its survey on Christmas spending and New Year’s resolutions from ten countries. 

In Italy, it emerged that the best gift regards experiences, while the goal for 2022 is to learn how to manage money better. 

Revolut: the Christmas spending survey 

Today, Revolut, the app that offers a range of products that make people’s lives easier, showed data from its Christmas spending survey of about 6,000 people in more than ten countries, including about 800 in Italy.

Last year, in the two weeks leading up to Christmas, Italians spent an average of about 140 euros on shopping. This year’s spending is in line with that of 2020, but with a concrete difference: about 7 out of 10 purchases are taking place in stores, while last year only 1 out of 3 took place in a physical store due to pandemic restrictions.

Focusing on 2021, the survey shows that 67% of Italian respondents are looking for something according to that person’s taste, and only 11% are asking the recipient what they would like to receive. More than twice as many respondents in Sweden (23%), while Norway, in contrast (27%), asks gift recipients what they would like.

Anxiety about Christmas gifts is also reflected in the following results: 4 out of 10 Italians admit to being worried that the recipient will be disappointed with their gift. This aspect is shared by even half of the French respondents.

In addition to the behavior of buyers, the survey wanted to delve into the demands of gift recipients. From what emerged, the best gift confirmed by 35% of Italian respondents regards experiences, such as trips, dinners, concert tickets, or something to enjoy with the people they love. On the other hand, the favorite gift of 21% of Italians is something on their wishlist, while in third place is money, indicated by 13%.

Contrary to what one might think, luxury products were indicated by only 8% of Italians. In Europe, however, this choice ranges from 5% of Danes to 15% of Irish respondents.

Revolut and the 2022 resolutions survey and cryptocurrency

Continuing with Revolut’s data, it seems that to manage Christmas gift spending, Italians, Polish, and Americans are the ones who use technology the most via the app and its tools. 

New Year’s Eve was also the focus of the survey, with 39% of Italian respondents choosing “home with family and friends,” while 23% chose to travel. 

There was also no shortage of questions about resolutions for 2022, and just in Italy, 47% would choose “manage money better,” along with 46% with “learn something new.” In third and fourth place, then, were “spend more time with the people you love” and “start practicing an activity to improve mental health and yourself.” 

In the financial sphere, Revolut’s survey went on to say that among their 2022 resolutions, 52% of Italians indicated they would like to save more, 40% would like to create a passive income, and 38% would like to learn about and invest in cryptocurrencies.

The new banking license in Italy

The global financial super app with over 16 million customers worldwide said ten days ago that it has made its specialized European banking license operational in Italy. 

Revolut Bank will therefore receive the deposits of its more than 650,000 Italian customers, protecting them with the Deposit Guarantee Scheme. The update process within the app takes only a few minutes. 

Revolut Bank was also launched in Poland and Lithuania last year and, with Italy included, currently operates in 18 EU markets.