Research shows cash is no longer king; How buskers are surviving the cost-of-living crisis
Cash is no longer king, with new PayPal research revealing 1-in-7 Aussies have completely stopped using cash (14%), with huge impacts on the street performing industry in Australia.
For local performers or ‘buskers’ who are not only recovering from the pandemic’s effects on the music industry, but continue to face the negative impact of the cost-of-living crisis, the shift to digital payments has never been more vital.
Sydney artist, singer and professional busker, 23-year-old Shirina Holmatova, originally turned to busking as a way to combine her passion for performing with the ability to earn some cash on the side. This quickly turned into a livable income.
“The cost-of-living crisis has intensified this year, making it increasingly difficult for buskers like me and many others to make a living. Everyone is finding it a challenge just to earn a little,” Shirina said.
“For many of my fellow buskers, this is our only source of income. It feels like everything I’ve worked tirelessly for has been taken away.”
Reflecting on her journey, Shirina recalls how, a decade ago, Pitt Street Mall was bustling with performers.
“Ten years ago, every Saturday and Sunday, buskers would rise at 6 AM, arrive at Pitt Street Mall by 7 AM, and wait seven to eight hours just to have a one-hour performance slot,” she said.
“At that time, making money was easier because people had cash on hand and were willing to spend it without the pressures of the cost of living.”
Today three quarters of Australians (73%) do 80% or more of all their spending digitally, with over half (57%) using cash for less than 10% of transactions.
In recent years, buskers including Shirina have strategically embraced digital payment solutions like PayPal QR codes.
“PayPal QR codes has been incredibly beneficial, as people recognise the logo and trust their money is secure and will reach me,” Shirina explained. “Using social media has also really helped as it encourages people to come out and catch my live performances, and they can also support me with online tips.”
Shirina has now accrued 1.2 million followers on TikTok, and just under a million on Instagram. This has created further opportunity to grow her fanbase, which has taken her on international tours in China and Korea.
“Embracing the digital economy has opened so many new opportunities for us as performers. It not only allows us to connect with a wider audience, but also provides secure ways for people to support our work, which is essential in today’s landscape,” Shirina said.
Bonnie Brady, Consumer Shopping Expert at Australia said, “Digital payment solutions like PayPal QR codes are transforming the way street performers make a living. It means they never need to miss a tip, and fans can trust that every contribution makes it to performers, while keeping their payment information safe.”
“We’re proud that PayPal QR codes are making it easier for artists to keep our cities and neighborhoods full of beautiful music.”