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Consumers optimistic about 2024 financial outlook, as Paysafe research reveals shifts in spending and saving habits

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After a challenging 2023, nearly half (49%) of consumers worldwide are confident that their financial situation will improve in the coming year. This is according to new research from Paysafe (NYSE: PSFE), which reveals a consumer landscape characterized by a mix of optimism, caution, and a willingness to adapt spending habits.

The research surveyed 14,500 consumers across Europe, North America, and Latin America for Paysafe’s Lost in Transaction 2023: The Disposable Income Report – How consumers are changing their discretionary spending.

Optimism is particularly pronounced among Millennials and Generation Z, with 57% of each group expressing confidence in their near-term financial future. However, consumers acknowledge improvement will require more proactive measures as they manage high living costs and their money differently – with one in two (50%) intending to alter their spending habits. In terms of discretionary spend, the research also indicated that a growing proportion of consumers are prioritising in-home entertainment (23%) more than before, with nearly a third saying they will spend less on clothing (32%).

Conversely, over a third of consumers (37%) admitted to saving less due to rising living costs or not saving at all (18%). Despite this, 47% believe they will be able to save more in the coming year.

In response to the changing financial landscape, more are turning to budgeting tools and apps for assistance. These apps are primarily used to plan how to save as well as how to balance various expenditures and how to better manage discretionary spending. A substantial 55% of respondents said they already use these apps, and 38% plan to increase their reliance on them in 2024.

Furthermore, the research reveals a shift in how consumers plan to allocate their disposable income. Over two-fifths (42%) are opting to spend less on physical goods, instead prioritizing spending on experiences, even as costs rise. This is especially so in Brazil (52%) and the US (51%), but less common in Austria and Germany (29%).

This shift to increasing spend in the experience economy is reflected in consumer attitudes to travel, which should maintain its upward trajectory as 43% are planning on spending more or the same on package holidays, and 41% on flights. While budgets have tightened, spending on online sports bets (18%) and in-game purchases (19%) have remained the same before inflation and the cost-of-living crisis.

Regarding online spending over the past six months, 31% expressed no preference between large and small eCommerce businesses. As consumers navigate an evolving economic environment, businesses, whether they may be small or big, should pay attention to shifting trends and tailor their offerings to meet the changing needs and expectations of their customers.

An ongoing concern in the online shopping experience continues to be security. There is clear reluctance among many to share financial details online, with only 43% comfortable doing so with a small business versus 56% with a large one. Small businesses must resolve these security challenges to take advantage of positive signs for next year given some 42% intend to shop more at local businesses in 2024.

 

Commenting on the research, Rob Gatto, Chief Revenue Officer at Paysafe, said: “Consumers will prioritise discretionary spend on goods and experiences that bring them joy. This is a consistent trend that is clearly supported by our research. For businesses, large or small, to capitalise on this, it means making every experience, and every transaction count. By offering a frictionless checkout experience, businesses increase customer experience and loyalty.”

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Mohegan Appoints Joseph J. Hasson as Interim COO

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Mohegan Tribal Gaming Authority, known globally for its renowned integrated entertainment resorts, has appointed Joseph J. Hasson as interim Chief Operating Officer. Jody Madigan, the current COO, has resigned effective August 1, 2024, and will be taking a leave of absence pending his departure.

Joseph J. Hasson will serve as interim COO and retain his current role as General Manager of Mohegan Casino at Virgin Hotels Las Vegas, subject to necessary regulatory filings or approvals. Mr. Hasson was an obvious choice for the Management Board, given his prior experience as the former Chief Operating Officer of Station Casinos LLC and Red Rock Resorts Inc. Joe brings considerable expertise to the executive team with a consistent track record of operating excellence and success over more than 40 years’ experience in the gaming and hospitality industry. Mr. Hasson will report to Ray Pineault, President and Chief Executive Officer of Mohegan.

“Joseph J. Hasson’s deep understanding of the gaming and hospitality industry makes him exceptionally qualified to maintain our high service and operational excellence standards. We are confident that Joe’s extensive experience and proven leadership will ensure continuity in our operations and guest experience,” Ray Pineault, President and CEO of Mohegan, said.

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Jennifer Shatley Joins ROGA as Executive Director

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Jennifer Shatley, a recognized expert in the field and a highly sought speaker and advisor, has joined the Responsible Online Gaming Association (ROGA) as Executive Director.

Shatley has had 25+ years worth of experience, working closely with the treatment community, academics, researchers, government bodies, state councils, and gaming industry representatives to promote responsible gaming.

“Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness. By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming,” Shatley said.

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Rush Street Interactive Appoints Brian Sapp as Chief Marketing Officer

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Rush Street Interactive Inc. announced the appointment of Brian Sapp to the newly-created role of Chief Marketing Officer.

In his role as CMO, Brian brings a wealth of experience and a proven track record in leading data-driven marketing and live operations within the mobile industry and joins the Company’s executive leadership team reporting directly to Richard Schwartz, Chief Executive Officer.

“As we continue to grow and expand across the Americas, a marketing leader with Brian’s unique blend of gaming and mobile experience, strategic insight, and creativity will be additive to the team as we shape the future of our brand and continue to innovate our customer first experience. We are thrilled to welcome him aboard to lead our marketing strategy, team, and operations,” said Richard Schwartz.

As RSI’s growth continues to accelerate, Mattias Stetz, the company’s Chief Operations Officer who previously led the marketing team, has deepened his focus on scaling operations and increasing Latin American growth.

Brian Sapp said: “I am thrilled to join Rush Street Interactive at a time when the company has such strong momentum. RSI’s customer first focus really resonated with me as a marketer who understands what it takes to succeed in a competitive mobile landscape. I look forward to leveraging my experience and expertise to drive forward our marketing initiatives during RSI’s next phase of growth and deliver exceptional experiences to our customers.”

Prior to joining Rush Street Interactive, Brian served on the Executive Team at Rec Room, overseeing several functions, including media buying, product marketing, creative, social, and first-party revenue, where he played a pivotal role in driving the company’s growth strategies and user base to new heights. Before his tenure at Rec Room, Brian held the position of Senior Vice President of User Acquisition & Ads at Jam City, overseeing the successful marketing campaigns for a diverse portfolio of casual and social mobile games.

With a career spanning nearly two decades, Brian also served as the Director of Digital Publishing at WB Games, where he managed all aspects of user acquisition, analytics, and monetization for WB’s mobile gaming portfolio. He began his journey in the mobile industry at Tapjoy, where he served as Director of Developer Partnerships, playing a key role in strategic partnerships, developer relations, and app distribution and monetization.

Brian’s appointment underscores Rush Street Interactive’s commitment to innovation and strategic growth in the rapidly evolving online gaming landscape. His extensive experience and proven leadership will undoubtedly propel Rush Street Interactive to new heights of success as new markets come online and existing markets continue to mature.

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