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Afterpay, a leader in 'Buy Now, Pay Later' services, announced its events calendar for NYFW: The Shows from February 11 to February 16, 2022. The festivities will take place from New York City to Los Angeles, offering immersive experiences, including presentations from renowned designers like 11 Honoré and Sergio Hudson. The program aims to democratize fashion, providing consumers with direct access to the latest collections and insights from industry leaders. Afterpay continues its role as a major sponsor of NYFW, enhancing brand visibility nationwide.
Afterpay has partnered with major retailers like Nordstrom, Calvin Klein, and Tommy Hilfiger, enabling customers to utilize its Buy Now, Pay Later (BNPL) service in-store and online. With a reported 230% increase in spending since 2020, Afterpay is becoming a preferred payment option among Gen Z and Millennials, especially amid high inflation. This collaboration taps into a core demographic of engaged young consumers, with over 100,000 global retailers now adopting Afterpay's services, which allows customers to shop immediately while paying in four interest-free installments.
Afterpay (ASX: APT) reported significant growth in holiday shopping for 2021, with in-store shopping up 384% year-on-year, and a 442% increase on Black Friday alone. The surge reflects consumers' preference for responsible spending. Overall, Afterpay saw a 41% increase in shopping referral traffic during this period, predominantly from its app (92%). Key trends included notable increases in partywear, pet supplies, department store shopping, and gift card purchases, with consumers saving $459 million in credit card fees and interest.
Afterpay (ASX: APT) announced a partnership with DICK'S Sporting Goods to provide flexible payment options during the holiday season. This comes amid a 442% increase in in-store orders during Black Friday, highlighting a consumer shift towards 'Buy Now, Pay Later' services. Afterpay's service allows over 20 million North American users to split payments into four interest-free installments. The partnership aims to enhance shopping experiences, especially for engaged young consumers seeking quality sporting goods.
Afterpay (ASX: APT) has partnered with Belk to enhance customer shopping experiences by offering flexible 'Buy Now, Pay Later' payment options during the holiday season. This collaboration allows customers to make purchases in four interest-free installments, which has already resulted in a 50% increase in average order values at Belk. Targeting Millennials and Gen Z, who will account for 50% of retail spending by 2030, Afterpay aims to provide a convenient payment method while helping consumers avoid debt and hidden fees.
Afterpay (ASX: APT) and Rakuten have partnered to enhance consumer shopping experiences by combining cash back rewards with Buy Now, Pay Later (BNPL) options. This collaboration allows customers to earn cash back while paying in four interest-free installments at various retailers like MAC Cosmetics and Anthropologie. The initiative aims to attract new customers for merchants and increase conversion rates during the holiday season. With Rakuten's $3.5 billion in cash back rewards and Afterpay's potential to save customers $459 million in fees, this partnership highlights mutual benefits for both shoppers and retailers.
On December 2, 2021, Afterpay launched the Impossible Gift Finder, featuring Furby as the holiday gifting expert. This initiative aims to alleviate holiday shopping stress, with a focus on Gen Z, who are increasingly seeking gift inspiration through Afterpay's platform. From December 7-12, shoppers can interact with Furby on TikTok for real-time gifting advice and make purchases in four interest-free installments. This collaboration seeks to create a fun shopping experience while encouraging responsible spending.
On Nov. 30, 2021, Afterpay (ASX: APT) reported a 34% increase in holiday orders from last year, with BNPL spending in the U.S. soaring 230%. Between Black Friday and Cyber Monday, Gen Z shoppers rose by 11%, while in-store purchases surged 442% due to supply chain issues. Fashion and fitness categories led sales growth at 26% and 46%, respectively, while homeware and beauty items also saw increased demand. Consumers saved up to $459 million in credit card fees, with 88% using debit cards. Over 20 million customers in North America prefer Afterpay's interest-free payments.
Afterpay (ASX:APT) has launched a new subscription payment solution in the U.S., allowing consumers to pay for recurring purchases in installments. Key merchants such as IPSY and BoxyCharm will be among the first to adopt this feature, aiming to enhance customer flexibility. The subscription market is projected to reach $1.5 trillion by 2025, indicating significant growth potential for Afterpay's offerings. Additionally, merchants can now allow Afterpay for pre-ordered items, providing a flexible payment option for customers. This initiative is set to expand into other regions, enhancing Afterpay's market presence.
Afterpay has partnered with Patch, a carbon removal marketplace, to enable U.S. consumers to offset their carbon footprint from Afterpay purchases. This initiative empowers over 10 million customers to view their spend history's carbon impact and choose from various carbon offset projects directly within the Afterpay app. The partnership supports Afterpay's mission to promote sustainable practices among its 23,200 U.S. merchants and aims to contribute to climate action through accessible carbon offset options.
