Shoppers with the biggest budgets are twice as likely to seek out flexible payment options
According to Klarna, 40% of American consumers are starting their holiday shopping early this year compared to last year.
Surveys of over 24,000 shoppers in the US and 20 million from Klarna’s proprietary shopping data show that 71% will begin their festive shopping before December.
22% of the consumers have already started shopping. 72% want to start shopping early to take advantage of holiday sales while 50% are buying early to avoid product unavailability. 45% aim at avoiding delays in shipping while 39% want to avoid last-minute stress.
Black Friday is also set to outperform Cyber Monday as the annual biggest sales day. 49% of consumers look forward to making sales on Black Friday compared to 38% who will shop most on Cyber Monday. 56% of those who look forward to Black Friday sales will make online purchases while 23% will shop in-store. Only 20% plan on shopping both in-store and online.
Based on Klarna shopping data, Black Friday online sales have increased by almost 3 times (+193%) compared to last year. This is a 26% increase compared to sales made during Cyber Monday.
This comes as younger consumers opt for smarter remittance options. 59% of Millennials, Gen Z and Gen Xers are more likely to make remittances via debit while 50% are likely to pay via credit. 75% of Gen z, 76% of Millennials and 60% of Gen-X are also on the outlook for flexible remittance methods.
We’ve reported that Mastercard partnered Abu Dhabi-based BaaS provider.