Affirm Consumer Spend Report Reveals Top 2022 Summer Spending Trends

Rhea-AI Summary

Affirm's recent consumer spending data reveals a surge in spending as consumers eagerly socialized this summer. Flight spending quintupled compared to last year, while cooking supply expenditures nearly tripled. Average flight and home rental purchases were approximately $700 and $1,560, respectively. Apparel spending increased by 70%, with pet supply purchases averaging over $330. Engagement ring purchases rose 35%, averaging over $2,000. Overall, Affirm's solutions are more in demand amid inflation, helping consumers manage their budgets responsibly.

Positive

• Total spending on flights increased fivefold year-over-year.
• Cooking and kitchen supply spending nearly tripled compared to last summer.
• Apparel and hair care expenditures rose by 70% and 40%, respectively.
• Average engagement ring purchases increased to over $2,000, up from $1,700 last year.
• Demand for Affirm's services grew as consumers faced inflation.

Negative

• None.

From travel and fashion to cooking and kitchen supplies, new data from the pay-over-time company highlights that consumers were eager to socialize this summer

SAN FRANCISCO--(BUSINESS WIRE)-- Consumers are making up for lost time, and they met this summer season with new enthusiasm to socialize on the road and in the home, according to new data from Affirm, the payment network that empowers consumers and helps merchants drive growth.

“This was definitely the summer of travel and socializing – both in and out of the home. The total amount spent on flights was five times greater this summer compared to last, and the amount people spent on cooking and kitchen supplies nearly tripled,” said Ashmi Pancholi, VP of Consumer Insights at Affirm. “It’s also clear that people were pampering their pets – the average pet supply purchase was just over $330, compared to the average children’s apparel purchase costing nearly $180.”

Pancholi added, “While consumers were eager to enjoy their summer activities, many were simultaneously facing the strain of rising inflation. This could explain why we saw increased demand for Affirm. Our pay-over-time solutions empower eligible consumers to responsibly purchase the things and experiences they love, without losing control of their budgets.”

According to Affirm Consumer Spending Data:

This Was The Summer Of Travel

• Travel was the #2 top spending category this summer
• The total amount spent on flights was 5x greater this summer vs. last and the total amount spent on hotels more than doubled
• The average flight purchase made with Affirm was about $700, the average home rentals purchase was about $1,560, and the average hotels purchase was nearly $600
• The total amount spent on luggage and leather goods was 60% higher than last summer
• Top Travel Destinations included Cancun, Las Vegas, Punta Cana and Orlando demonstrating that people were eager for destinations known for entertainment

Dressing To Impress Is Back

• Apparel was the #4 top spending category this summer
• People spent more on apparel and hair care this summer vs. last – with overall spend up about 70% and 40% respectively. They also used Affirm more – the number of purchases for each more than doubled
• People spent 45% more on watches this summer vs. last
• But, on average, people spent more on pets than children’s clothing – the average pet supply purchase was just over $330, compared to the average children’s apparel purchase costing nearly $180

Wedding Bells Are Still Ringing

• The average diamonds and engagement ring purchase made with Affirm was over $2000, up from about $1,700 last summer; and overall spend in the category increased 35% year-over-year
• The number of bridal apparel purchases made with Affirm increased by about 40%

Hostess With The Mostest

• Furniture and homewares were the #3 top spending category this summer
• The amount people spent on cooking and kitchen supply purchases nearly tripled year-over-year
• The number of at-home entertaining purchases and home audio purchases made with Affirm increased 3x each, and Smart TVs were one of the top purchases made with Affirm

About the Data

Affirm compared its quarterly consumer spending data across categories April through June 2022 vs. April through June 2021.

About Affirm

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.

Payment options through Affirm are subject to an eligibility check, may not be available in all states, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to a California Finance Lender license.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005520/en/

Press

Affirm

Emily Dale

press@affirm.com

Source: Affirm Holdings, Inc.

FAQ

What does Affirm's recent spending data indicate for summer 2023?

Affirm's data shows significant increases in consumer spending, particularly in travel and home-related categories.

How much did flight spending change this summer according to Affirm?

Flight spending was five times greater this summer compared to last year.

What can consumers expect from Affirm amid rising inflation?

Affirm offers pay-over-time solutions, helping consumers manage spending responsibly despite inflation.

How much did pet supply spending average this summer with Affirm?

The average pet supply purchase was just over $330.

What was the average spending on engagement rings this summer?

The average engagement ring purchase made with Affirm was over $2,000, a 35% increase from the previous summer.