Consumers have turned to Afterpay to buy their homes, pets, fitness equipment, gift cards and in department stores this holiday season.
SAN FRANCISCO, January 6, 2022 / PRNewswire / – After payment (ASX: APT), the leader in “Buy Now, Pay Later” payments, today released its vacation shopping trends for the 2021 season.1 Company sales data showed 384% growth in in-store purchases year after year, Black Friday resulted in a 442% increase in in-store purchases on that day alone.2 This strong growth reflects the growing preference of young shoppers to spend responsibly and pay over time to start the new year.
With 100,000 global merchant partners3, more and more consumers have used Afterpay to win their holiday shopping list – using their own money to pay over time. This led to a 41% increase in referral shopping traffic to merchants during the holiday shopping season. Customers have also shifted to a mobile mindset, with 92% of Afterpay referrals generated from the app.¹
Other shopping trends in the United States this season include:??
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Partywear has made a festive comeback. In anticipation of another possible lockdown, velvet and sequin clothes were the wardrobe of choice for partygoers – increasing 188% and 146% year-over-year, respectively.
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It was the season of furry friends. Pet parents have actively turned to Afterpay for supplies and products to spoil their furry companions with quarterly sales up 376%.
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The return of the department store. Consumers doubled their purchases at department stores during the holiday season – up 256% year-on-year.
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Overcome Supply Chain Problems With A Gift Card. To avoid shipping delays for physical items, spending on gift cards has grown 50 times year over year.
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Second round for house makeovers. Lockdown fatigue did not dampen interest in housewares, with purchases rising 49% year over year.
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Spotlight on various companies. Over half a million clients have supported black and women owned businesses.
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Shred cabin fever with snow gear. The demand for ski clothing has seen a huge increase due to the popularity of snow sports as social distancing measures have eased. This allowed customers to spend 10 times more at ski and snow dealers.
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Fluid clothing for everyone. Genderless products have made fashion more accessible to all body types, with sales of items described as “unisex†in the gender-neutral category of merchants up 57% year-over-year.
Shakaila Forbes-Bell, Afterpay consumer shopping psychologist said, “If 2020 was defined as the year of digital commerce, then 2021 could be seen as the homecoming of in-person retailing. Not only has this pivot occurred due to our increased desire to socialize, but new research suggests that physical interaction with in-store products gives us a “fuller cognitive experience.”4 With this new appetite to return to the stores, consumers presented more courageous purchasing decisions and emulated their fashion sense in all of their lifestyle choices. People will continue to incorporate their style into their homes or through their pets – cementing these unique trend categories to staple items. In this permanent hybrid world, we can expect even more experimental consumer behavior at all levels. “
In 2021, Afterpay saved consumers up to $ 459 million in credit card fees and interest5, where consumers have used the payment solution to shop online and in physical stores of their favorite brands, including a strong lineup of new merchants to launch this year.
About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases in four installments, always without interest.6 The service is completely free for customers who pay on time – helping people spend responsibly without incurring interest. From June 30, 2021, Afterpay is offered by nearly 100,000 of the world’s favorite retailers and more than 20 million customers have signed up for North America alone.¹
Afterpay is currently available in Australia, Canada, New Zealand, United States and the UK, France, Italy and Spain, where it is known as Clearpay. Afterpay’s mission is to propel an economy in which everyone wins.
1 Based on Afterpay sales of October 1, 2021 – December 27, 2021
2 Based on Afterpay sales on November 26, 2021
3 Figures published in the 2021 results
4 Source: Frontiers in Psychology, Touch to feel: brain activity during in-store customer experience
5 Source: Accenture, The economic impact of Buy Now, Pay Later in the United States
6 Late fees may apply. Eligibility criteria apply. See afterpay.com for full mandates.
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SOURCE Afterpay
