Consumers Used The “Pay Later” Scheme To Finance Black Friday Purchases

by | Nov 27, 2023 | Headline News | 0 comments

Do you LOVE America?

    Share

    This Black Friday, consumers were purchasing a lot of electronics, smartwatches, TVs, and audio equipment. Sales of those electronics are up 7.5% compared with the previous year, however, data showed that consumers were resorting to buy-now, pay-later schemes in order to make those purchases.

    Electronics purchases jumped 72% compared to the week before Thanksgiving. This could be the same once data comes out for Cyber Monday, which is today.

    Some estimates suggest that Cyber Monday sales could see a 21% increase to $13.7 billion, potentially exceeding Black Friday spending. This trend could imply that a larger number of holiday shoppers are completing their holiday purchases sooner this year.

    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 Bloomberg. 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.

    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.

    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.  –ZeroHedge

    Inflation, the exponential rise in the cost of living coupled with stagnant wages by comparison is making it difficult for Americans to make ends meet, let alone pay for Christmas gifts. The housing market is also in dire shape and people are paying more for rent and car payments than ever before.

    Best Buy warned that in the weeks ahead of Black Friday consumer demand is “unpredictable and inconsistent.” Retailers have been rolling out higher discounts in response to the increase in deal-hunting consumers, but it often does little to offset the pain of inflation.

    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, according to ZeroHedge. 

    Even though people are struggling, the data shows that they are still willing to use debt to fund their holiday expenditures.

     

    URGENT ON GOLD… as in URGENT

    It Took 22 Years to Get to This Point

    Gold has been the right asset with which to save your funds in this millennium that began 23 years ago.

    Free Exclusive Report
    The inevitable Breakout – The two w’s

      Related Articles

      Comments

      Join the conversation!

      It’s 100% free and your personal information will never be sold or shared online.

      0 Comments

      Submit a Comment

      Commenting Policy:

      Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.

      This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.