One Third of Consumers Are Shopping Early This Holiday Season - Afterpay Declares November 19th "Done Day"

Rhea-AI Summary

On November 1, 2021, Afterpay announced November 19 as 'Done Day,' encouraging early holiday shopping to avoid credit card debt, especially as many millennials anticipate financial strain post-holidays. A recent survey revealed that 45% of consumers began shopping early, driven by concerns over overspending and shipping delays. Additionally, Afterpay will introduce its 'Six Weeks of Gifting Better' sweepstakes, offering $500 prizes weekly and a grand prize of $10,000. In 2021, Afterpay generated $4.5 billion in net benefits for merchants, with customers saving up to $459 million in credit card fees.

Positive

• Declaration of November 19 as 'Done Day' encourages early shopping, mitigating holiday debt concerns.
• Survey shows 45% of consumers started shopping early, indicating proactive consumer behavior.
• Afterpay's business model has driven $4.5 billion in net benefits to merchants this year.
• Customers have saved $459 million in credit card fees by using Afterpay instead of traditional credit cards.

Negative

• None.

SAN FRANCISCO, Nov. 1, 2021 /PRNewswire/ -- Afterpay, the leading 'Buy Now, Pay Later' platform, today declared November 19th 'Done Day' -- the official day for consumers to use Afterpay to shop their holiday list and have it paid off by the new year. With nearly one in five millennials stating they are likely to have credit card debt after holiday shopping, Afterpay is committed to helping shoppers 'Afterpay their lists' by November 19th - indulging in the joy of gifting interest-free and avoiding the holiday debt hangover.

A new Afterpay Holiday Shopping Survey found that almost half of people are shopping earlier this year  - many of which are concerned about overspending. Highlights from the survey include:

• Overwhelmed and Concerned about Overspending: One out of four people feel stressed or overwhelmed by spending money during the holidays and nearly 40% of Gen Z plan to shop early to avoid overspending.
• Shopping Early Birds: Almost half of people (45%) started their holiday shopping early to avoid crowds, with over one in three (39%) people planning to finish all their holiday shopping before Thanksgiving.
• Implementing Spending Limits: Shoppers this year are budgeting more than ever with over one in three (36%) people setting a strict budget for themselves and 37% of respondents agreeing on spending limits with friends and family during the holiday season.
• No Way for Delays: Nearly 50% of respondents are shopping early this year specifically to ensure their gifts arrive due to the increasing fear of supply chain barriers and shipping delays.

"The holidays can be both emotionally and financially overwhelming," said Trae Bodge, Afterpay brand ambassador and smart shopping expert. "To get ahead of the last-minute scramble and to ensure a sense of financial wellness by year's end, shoppers should begin to shop now and use budgeting tools. To the consumers' benefit, retailers have already begun to promote holiday deals; presenting plentiful opportunities to save money as we get a jumpstart on holiday shopping."

Holiday Deals and Promotions
The survey found that more than half (64%) of people scout and research deals and promotions when holiday shopping. And shopping early has never been easier this holiday season. Afterpay retailers have started to roll out a series of deals and promotions, including offers from the biggest US brands made available to Afterpay members exclusively in the Afterpay app. Shoppers can expect even more deals to be announced weekly as concerns around supply chain delays and early holiday consumer demand drives retailers to be competitive around Singles Day, Veterans Day, Black Friday, Cyber Monday and more.

Afterpay's 6 Weeks of Gifting Better Sweepstakes
This November, Afterpay will unveil its 'Six Weeks of Gifting Better' shopping sweepstakes - giving away hundreds of prizes this holiday season, $500 winners drawn weekly and five winners receiving the Grand Prize of $10,000. To be entered to win, customers must sign up for the sweeps and shop with Afterpay. Each qualifying purchase of $20 or more will earn one entry into the sweepstakes. The more entries, the better chances to win¹.

"With the US installment market growing at 230% since the start of 2020 - it's safe to say that this holiday is the holiday of BNPL," said Geoff Seeley, Global CMO for Afterpay. "The value of our 'buy now, pay later' model continues to prove beneficial for consumers and merchants alike - connecting retailers with new and engaged young shoppers who value shopping responsibly over sinking into credit-card debt."

Afterpay drove $4.5b in net benefits to merchants, including $8.2b in incremental sales for retailers and SMB merchants this year. In addition, Afterpay's U.S. customers have saved up to $459m in credit card fees and interest in 2021 by making purchases with Afterpay instead of a credit card, equivalent to $6 per order². For more information on Afterpay, please download the Afterpay app available on Android and iOS platforms, or visit afterpay.com.

About Afterpay Limited

Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four installments, always interest-free³. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest or extended debt. As of June 30, 2021, Afterpay is offered by nearly 100,000 of the world's favorite retailers and nearly 20 million customers have signed up in North America alone.

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.

¹ Sweepstakes terms and conditions 
² Afterpay x Accenture Economic Impact Report, October 2021
³ Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms

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SOURCE Afterpay

FAQ

What is 'Done Day' announced by Afterpay?

Afterpay declared November 19 as 'Done Day' to encourage consumers to complete their holiday shopping early to avoid credit card debt.

How much did Afterpay save customers in credit card fees in 2021?

Afterpay customers saved up to $459 million in credit card fees and interest in 2021.

What percentage of consumers are shopping early this holiday season according to Afterpay?

According to Afterpay, 45% of consumers started their holiday shopping early.

What is the 'Six Weeks of Gifting Better' sweepstakes by Afterpay?

The 'Six Weeks of Gifting Better' sweepstakes gives away $500 prizes weekly and a grand prize of $10,000 for customers shopping with Afterpay.

How much net benefit did Afterpay provide to merchants in 2021?

Afterpay drove $4.5 billion in net benefits to merchants in 2021.