Holiday Shopping Demonstrates Anew the Benefits of Cash
A recent article on MyBankTracker.com titled “Cash is Making a Comeback, and Retailers Know It", praised the utility of cash during the holiday shopping season, noting that “with holiday-induced spending woes stressing many, cash has never been a more welcome or simple option for making last minutes purchases.”
Here at Garda, we see an annual increase in the use of cash with each holiday season. This year, for example, we experienced a 40% increase in dollars processes in our vaults for the Black Friday weekend as holiday shopping got underway.
Measured by the deposits we collected from our retail customers that weekend, the average deposit size was up 20% over the previous year and 33% over the prior weekend. Based on our experience, we would argue that while the holidays create the perception that cash is “making a comeback,” in reality it never really went away.