NEW YORK—While it set some records, Black Friday shopping this year also revealed consumers are relying more on point-of-sale credit and financing—as well as digital channels—than ever before.
A Pymnts.com survey of nearly 3,100 consumers on Nov. 25 and 26 found 33% of shoppers who wanted to make purchases over the traditional holiday shopping kick-off weekend opted out over cash and credit concerns.
At the same time, the “Black Friday 2022: High Prices Reshape Holiday Shopping Habits” report also found another 31% of respondents who bowed out said stores were too crowded during Black Friday weekend.
“With inflation eating paychecks at historic rates, consumers who did shop turned to financing in droves,” stated Pymnts.com, citing its data that shows almost one-third of shoppers used credit cards, point-of-sale loans or installment plans to pay for their Black Friday buys this year. “Those who turned to these options used them to finance at least half of their Black Friday purchases. This shows how drastically soaring prices have impacted consumers’ shopping experiences.”
Paycheck to Paycheck Purchasers
That includes 45% of paycheck-to-paycheck consumers who leaned heavily on credit and financing to get Black Friday deals, paying for nearly 60% of their purchases in these ways, the analysis found.
Millennials relied more than any group on financing, with 45% of this cohort reporting use of credit, personal loans, and buy, now pay later (BNPL) options to finance 51% of purchases, Pymnts.com added.
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