NEW YORK—Consumers spent a whopping $222.1 billion online during the holiday season as usage of flexible spending options—notably BNPL—hit an all-time high, according to new data.
Citing and Adobe study, Fox Business said the $221.billion figure marks a 4.9% year over year, and sets a new record for online shopping throughout the holiday season.
The report comes at the same time CUToday.info has been reporting on analysts cautioning credit unions over BNPL being accumulated by members that is not showing up on credit reports.
“Adobe noted that the boost in spending was driven in large part by such heavy reliance on buy now, pay later options,” Fox Business said.
A 14% Increase
According to the report, the payment option accounted for $16.6 billion in online spending, up 14% on an annual basis, during the season, underscoring how Americans were trying to manage their debt obligations amid persisting inflation, high interest rates and resumed student loan payments.
The Best Way to Start a New Year. With Something Free.
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?