-The leading “Buy Now, Pay Later” platform encourages consumers to “Afterpay their list” by November 19th and pay it off before the new year
-Afterpay is rewarding shoppers this holiday season with hundreds of weekly cash prizes
Afterpay, the leading ‘Buy Now, Pay Later’ platform, declared November 19th ‘Done Day’ — the official day for consumers to use Afterpay to shop their holiday list and have it paid off by the new year. With nearly one in five millennials stating they are likely to have credit card debt after holiday shopping, Afterpay is committed to helping shoppers ‘Afterpay their lists’ by November 19th – indulging in the joy of gifting interest-free and avoiding the holiday debt hangover.
A new Afterpay Holiday Shopping Survey found that almost half of people are shopping earlier this year – many of which are concerned about overspending.
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Highlights from the survey include:
- Overwhelmed and Concerned about Overspending: One out of four people feel stressed or overwhelmed by spending money during the holidays and nearly 40% of Gen Z plan to shop early to avoid overspending.
- Shopping Early Birds: Almost half of people (45%) started their holiday shopping early to avoid crowds, with over one in three (39%) people planning to finish all their holiday shopping before Thanksgiving.
- Implementing Spending Limits: Shoppers this year are budgeting more than ever with over one in three (36%) people setting a strict budget for themselves and 37% of respondents agreeing on spending limits with friends and family during the holiday season.
- No Way for Delays: Nearly 50% of respondents are shopping early this year specifically to ensure their gifts arrive due to the increasing fear of supply chain barriers and shipping delays.
“The holidays can be both emotionally and financially overwhelming,” said Trae Bodge, Afterpay brand ambassador and smart shopping expert. “To get ahead of the last-minute scramble and to ensure a sense of financial wellness by year’s end, shoppers should begin to shop now and use budgeting tools. To the consumers’ benefit, retailers have already begun to promote holiday deals; presenting plentiful opportunities to save money as we get a jumpstart on holiday shopping.”
Holiday Deals and Promotions
The survey found that more than half (64%) of people scout and research deals and promotions when holiday shopping. And shopping early has never been easier this holiday season. Afterpay retailers have started to roll out a series of deals and promotions, including offers from the biggest US brands made available to Afterpay members exclusively in the Afterpay app. Shoppers can expect even more deals to be announced weekly as concerns around supply chain delays and early holiday consumer demand drives retailers to be competitive around Singles Day, Veterans Day, Black Friday, Cyber Monday and more.
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Afterpay’s 6 Weeks of Gifting Better Sweepstakes
This November, Afterpay will unveil its ‘Six Weeks of Gifting Better’ shopping sweepstakes – giving away hundreds of prizes this holiday season, $500 winners drawn weekly and five winners receiving the Grand Prize of $10,000. To be entered to win, customers must sign up for the sweeps and shop with Afterpay. Each qualifying purchase of $20 or more will earn one entry into the sweepstakes. The more entries, the better chances to win1.
“With the US installment market growing at 230% since the start of 2020 – it’s safe to say that this holiday is the holiday of BNPL,” said Geoff Seeley, Global CMO for Afterpay. “The value of our ‘buy now, pay later’ model continues to prove beneficial for consumers and merchants alike – connecting retailers with new and engaged young shoppers who value shopping responsibly over sinking into credit-card debt.”
Afterpay drove $4.5b in net benefits to merchants, including $8.2b in incremental sales for retailers and SMB merchants this year. In addition, Afterpay’s U.S. customers have saved up to $459m in credit card fees and interest in 2021 by making purchases with Afterpay instead of a credit card, equivalent to $6 per order.