Title: U.S. Shoppers Embrace Online Sales and Buy Now, Pay Later Options During Cyber Week
U.S. consumers have shown their love for online shopping during the Thanksgiving weekend, making purchases both in-store and online, surpassing initial estimates. According to recent reports, more than 200 million shoppers indulged in retail therapy, indicating a robust start to the holiday season.
Online sales surged during Cyber Week, with U.S. shoppers spending approximately $38 billion, a 7.8% increase compared to initial expectations of a 5.4% rise. This impressive growth has highlighted the growing preference for the convenience of online shopping.
The National Retail Federation’s estimates were also exceeded as customers flocked to stores and e-commerce websites. Consumers proved to be enthusiastic spenders, shelling out an average of $321.41 on holiday-related purchases during the Thanksgiving weekend. Although this amount was slightly less than the previous year, overall spending was still strong.
Looking ahead, the NRF forecasts a promising 3%-4% increase in retail sales during the full November-December holiday season. The organization expects shoppers to continue searching for big promotions and bargains as they hunt for the perfect gifts.
The significant discounts offered during Cyber Week played a crucial role in the increased online sales. Electronics saw discounts of up to 31%, while toys were marked down by 27%, enticing customers to shop online rather than visit brick-and-mortar stores. The combination of discounted prices and the convenience of online shopping proved to be a winning formula for retailers.
Furthermore, a new trend in online shopping has emerged – Buy Now, Pay Later (BNPL) services. Companies such as Klarna, Affirm, and Afterpay have seen a surge in usage during the holiday shopping extravaganza. On Cyber Monday alone, BNPL transactions totaled a staggering $940 million.
Afterpay experienced a 19% increase in BNPL transactions over the weekend, while Klarna reported a 29% surge in orders placed by U.S. shoppers on Black Friday. These statistics solidify the rise in popularity of alternative payment options, allowing consumers to spread the cost of their purchases over time.
In conclusion, U.S. shoppers have demonstrated their love for online shopping during Cyber Week, resulting in a significant increase in sales. Consumers have also embraced the convenience and flexibility of Buy Now, Pay Later services, suggesting a shift in traditional payment methods. With promising retail sales growth forecasts, it seems that holiday shoppers are determined to make the most of promotions and discounts to complete their gift lists.
