Revenue from buy now, pay later rose 72% during the week of Black Friday (Nov. 21 to Nov. 27) compared to the previous week, according to the latest Adobe Analytics report.
Online purchases using the type of financing known as buy now, pay later jumped 68% during the week of Black Friday compared to the previous week, according to the latest Adobe Analytics report, published Monday morning.“In an uncertain economic environment, a more cautious consumer is embracing more flexible ways to manage their budget,” the software and market-research company said in a separate report Friday.
This form of online purchasing has proved popular in Europe and has recently gained traction in the U.S. for everything from Peloton PTON, +0.80% equipment to household appliances. Furniture companies have long allowed people to take big-ticket items home right away and then pay them off in installments. Now the concept has made its way online, spreading across industries and to items with smaller purchase amounts.
Shoppers are also using buy now, pay later to finance even lower-priced gifts, according to Salesforce: The average order value of BNPL purchases over the Thanksgiving weekend fell by 9% year over year.“One of the worst things consumers can do is finance gifts on a credit card that they don’t intend to pay off at the end of the month, especially in a rising-interest-rate environment,” said Anuj Nayar, financial health officer at LendingClub.Online sales for Black Friday up 2.
Some 37% of Americans plan to use financing such as personal loans, credit cards and buy now, pay later this holiday season, up from 34% in 2021, according to the LendingClub report.From 2019 to 2021, the dollar volume of buy now, pay later loans issued by five companies — Affirm Holdings Inc. AFRM, -3.82%, Afterpay Ltd., Klarna, PayPal Holdings Inc. PYPL, -0.19% and Zip Co. ZIP, -0.17% — increased by 1,092%, from $2 billion to $24.
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