New Affirm research reveals winning strategies for retailers
While consumers face continued economic uncertainty, the survey of 2,000 gen pop Americans revealed they are still planning to spend: 3 in 4 (75%) intend to spend the same or more than last year and the majority (64%) have yet to finish their holiday shopping. But, they are being strategic when it comes to their finances: most (59%) respondents shared that staying in or under their budget is number one when it comes to managing their financial stress this holiday season.
While discounts have long been a centerpiece of this time of year, consumers are seeking alternative ways to stay within their budgets this year. About 2 in 3 (64%) said interest-free promotions that allow them to pay over time with zero late or hidden fees are most helpful for retailers to offer this holiday season – even more so than discounts and sales (54%). More than half (54%) are looking for retailers to offer a buy now, pay later option at checkout.
“With holiday shopping season starting earlier and earlier each year, there is a growing pressure for retailers to offer discounts bigger, sooner and longer in order to stay competitive. However, constant discounting ultimately dilutes a retailer’s brand and hurts their bottom line,” said
Additional insights for retailers looking to capture spend from consumers include:
- Gift cards (70%) will be nearly just as popular as physical gifts (72%) when it comes to what consumers will be spending on this year.
- Over 60% (66%) of people will spend money on clothes and accessories this holiday season, while nearly 60% (57%) will spend money on technology
- While 65% of people will spend on travel through the holiday season, Americans also preparing to host with nearly 70% (67%) spending on entertaining costs and 40% spending on decor
- Over 90% (92%) of people will travel next year and the majority (75%) will book their travel within 3 months of their trip
Affirm is integrated at checkout across more than 250,000 retailers including Amazon, Casper, DICK’S Sporting Goods,
About the Research
Results are based on a survey of 2,000 respondents conducted by OnePoll on behalf of Affirm
About Affirm
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.
Payment options through Affirm are subject to eligibility, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by
AFRM-A
View source version on businesswire.com: https://www.businesswire.com/news/home/20231101636527/en/
Affirm
press@affirm.com
Source: