In preparation for the upcoming festive season, Afterpay has explored the main trends for shoppers in the 2023 holiday period.
As the festive season approaches, Afterpay has released its latest festive season insights, revealing key consumer shopping trends from the 2023 holiday season and offers a first look at what to expect in the upcoming Christmas period.
New research from Afterpay (via Ideally Insights Platform), highlighted a resilient consumer spirit despite economic challenges. The Festive Insights: Unwrapped report reveals that 59 percent of Kiwis and Aussies plan to spend the same or more on gifts this Christmas compared to last year. This optimism is mirrored in shopping behaviours, with a significant shift towards mobile commerce and early holiday purchases.
New Zealanders and Australians are adapting their shopping strategies. The report shows that 44 percent of consumers plan to take advantage of Black Friday sales, starting their gift-buying as early as October. This early shopping trend is expected to continue, with distinct spending spikes during Cyber Week and the week leading up to Christmas, encouraging shoppers to plan and budget their spending. This approach helps shoppers avoid last-minute purchases that can lead to overspending.
The preference for flexible payment options is also on the rise. The report indicates that of those who plan to use BNPL services this holiday season, 41 percent will use BNPL to buy at least half their presents, citing budgeting and money management as key benefits. Mobile shopping is set to dominate, with festive mobile sales projected to be three times greater than in-store purchases this holiday season.
"This year’s festive spending season is set to reflect a strong shift towards mobile commerce, with consumers increasingly seeking flexibility and convenience for their Christmas shopping," said Katrina Konstas, EVP and country manager for Afterpay APAC.
"Our data shows that shoppers are planning ahead, starting their holiday purchases earlier than ever, and using Buy Now, Pay Later to spread the cost of gifts over four more manageable payments. Despite economic pressures, Australians and New Zealanders remain committed to making the most of the festive season, and we’re seeing a growing focus on self-care and the joy of shared experiences."
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