Buy now, pay later (BNPL) provider Afterpay has released insights on consumer shopping that include a massive boost in Afterpay use, according to a Tuesday (Nov. 30) press release.
BNPL spending in the U.S. has increased 230% in the past year, with a 34% increase this holiday season compared to last year, the release stated.
eCommerce is still doing well overall, with the period between Black Friday and Cyber Monday seeing an 11% increase in Generation Z customers using Afterpay, according to the release.
And there has been a 30% increase year over year of people using Afterpay, with supply chain problems prompting 442% more shoppers to buy goods in stores instead of waiting for them to arrive from the internet, the release stated.
The biggest increases came in fashion and fitness, which saw 26% and 46% increases, respectively, as Gen Z and millennials sought items like clogs, weekender bags and trucker hats, according to the release. Additionally, homeware and beauty saw increases, with items like air fryers, candles and coffee makers, as well as lash curlers and foundation all doing better.
“As we celebrate another holiday season in the pandemic, consumers were eager to gain a sense of normalcy and spend on gifts for themselves and loved ones,” said Afterpay General Manager of North America Zahir Khoja in the release. “Compared to previous Black Friday and Cyber Monday weekends, we’re thrilled to partner with even more U.S. merchants to offer Afterpay’s convenient and flexible payment method — revitalizing brick-and-mortar spending and helping consumers budget before the new year.”
In other news, Afterpay is planning to debut a subscription solution, which will let customers pay for recurring purchases in installments.
The service is planned to roll out next year and will include merchants IPSY, BoxyCharm, Savage X Fenty and Fabletics offering subscription payments.