How enthusiastic are Americans about BNPL? Peak season usage hits new high

It is learned that with the end of Black Friday Cyber ​​Monday, DigitalCommerce360 data shows that the number of orders paid using BNPL reached a record level during the US Black Friday, reflecting the contradiction between American consumers' high shopping desire and low economic conditions in the current inflationary environment.

Data shows that during the Black Friday and Cyber ​​Monday period, shopping spending using the "buy now, pay later" method reached a record level. According to Adobe data, during Cyber ​​Monday, US consumers spent $12.4 billion on online shopping, of which $940 million was spent through BNPL, a year-on-year increase of 42.5%. In the same period last year, this figure increased by 85% year-on-year.

In addition, the number of goods paid for using BNPL has also increased by 11% compared to last year. According to Adobe data, the amount of online shopping orders paid using BNPL reached US$8.3 billion between November 1 and 27, a year-on-year increase of 17%. November 2023 is expected to be the largest month for BNPL spending to date.

Of the top 1,000 online retailers ranked by DigitalCommerce360, 54% offer BNPL payments, which is significantly higher than 45.8% of the top 1,000 retailers in 2022, 45.7% in 2021, and 28.2% in 2020. 18.3% of the top 1,000 retailers offer PayPal installments, 14.7% offer Affirm, 13.3% offer Klarna, and 11.9% offer AfterPay.

Some retail giants have also begun to adopt BNPL. For example, Amazon introduced BNPL provider Affirm in 2021 and plans to expand to other retailers through AmazonPay. Walmart also uses Affirm, and Apple launched BNPL in March. Amazon, Walmart and Apple are the top three retailers in the top 1,000.

According to the Top 1000 data, jewellery, car parts and clothing retailers are most likely to offer BNPL, while food and beverage companies are the least likely.

Data from some of the largest BNPL payment providers also show that the number of orders paid using BNPL has increased significantly. Klarna data shows

US consumers placed 29.5% more orders on Black Friday than the previous year. During Cyber ​​Monday, Klarna customers were most likely to use BNPL to buy consumer electronics, with headphones purchased using Klarna up 465.4% from the previous Monday and computer monitor sales up 276.9%.

Another BNPL provider, Zip, reported that consumer electronics was the fastest-growing category, up 215%, followed by jewelry and accessories (124%), and fashion (76%). Zip users were most likely to shop at Amazon and Walmart, but spent the most money at Best Buy, Newegg, FashionNova, and Shein.

Editor✎ Ashley/

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