{"id":1440759,"date":"2023-11-27T13:55:00","date_gmt":"2023-11-27T18:55:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1440759"},"modified":"2023-11-27T13:55:00","modified_gmt":"2023-11-27T18:55:00","slug":"consumers-use-buy-now-pay-later-option-to-fund-record-black-friday-purchases","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/consumers-use-buy-now-pay-later-option-to-fund-record-black-friday-purchases\/1440759\/","title":{"rendered":"Consumers Use ‘Buy-Now, Pay-Later’ Option To Fund Record Black Friday Purchases"},"content":{"rendered":"

Consumers Use ‘Buy-Now, Pay-Later’ Option To Fund Record Black Friday Purchases<\/span><\/p>\n

\n

Data from Adobe Analytics revealed that online sales on Black Friday reached $9.8 billion, marking an increase of about 7.5% compared to the previous year, according to\u00a0Bloomberg<\/a>. This trend indicates encouraging signs of consumer spending despite dismal sales forecasts for the holiday season. Nevertheless, data showed consumers were putting more purchases on flexible payments.\u00a0<\/p>\n

Consumers were gobbling up electronics, smartwatches, TVs, and audio equipment last Friday, with sales of those electronics up 7.5% compared with the previous year. Data showed consumers were increasingly resorting to buy-now, pay-later options, which jumped 72% compared to the week before Thanksgiving.\u00a0<\/p>\n

The buy-now, pay-later option is surging because consumers are balancing other debt, such as student loans or credit cards, amid the highest interest rates in a generation. These short-term loans allow consumers to make installment payments over a few months.\u00a0<\/p>\n

According to the Federal Reserve Bank of New York, younger consumers struggling with access to credit cards are frequently turning to buy-now, pay-later options.\u00a0<\/p>\n

And none of this should come as a surprise to readers, as we pointed out in a recent note titled “Dear Santa, Can I Pay Later This Year?”\u00a0<\/em><\/a><\/p>\n

Like many retailers, Best Buy warned in the weeks ahead of Black Friday that consumer demand is ‘unpredictable and inconsistent<\/a>.’ Retailers have been rolling out higher discounts in response to the increase in deal-hunting consumers.\u00a0<\/p>\n

In a separate report, Salesforce said online sales on Black Friday increased by 9% versus the same day last year. Sales data showed consumers mainly purchased footwear, sporting goods, health, and beauty.\u00a0<\/p>\n

<\/a><\/p>\n

Online sales data ahead of Cyber Monday (today) can give company executives an early indication of sales performance through the Christmas shopping season.<\/p>\n

Some estimates\u00a0suggest that Cyber Monday sales might see a 21% increase to $13.7 billion, potentially exceeding Black Friday spending.\u00a0This trend\u00a0could imply that a larger number of holiday shoppers are completing their purchases sooner this year.\u00a0<\/p>\n

This month, we pointed out the number of times execs in earnings calls for the third quarter used “choiceful<\/a>” soared to a record. The word was used to describe ‘thrifty’ consumers.\u00a0<\/p>\n

For the cash market today, Bloomberg said to watch these consumer stocks: Amazon, eBay, VF Corp, TJX, Nike, Coach owner Tapestry and Lululemon, following the Adobe data.\u00a0<\/p>\n

Deal-hunting consumers search for stores with the highest discounts. Also, an increasing number of them are opting for\u00a0buy-now, pay-later.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 11\/27\/2023 – 08:55<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/consumers-use-buy-now-pay-later-option-fund-black-friday-purchases<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Consumers Use ‘Buy-Now, Pay-Later’ Option To Fund Record Black Friday Purchases Data from Adobe Analytics revealed that online sales on Black Friday reached $9.8 billion,…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1440759","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1440759"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440759\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1440759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1440759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1440759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}