Black Friday and Cyber Monday Data from Splitit Shows Electronics, Fine Jewelry, Fitness and Outdoors, Home Furnishings and Health and Beauty as Top Spending Categories
Splitit's recent data reveals notable shifts in holiday shopping habits, with Electronics leading as the top category, comprising 24% of merchant sales volume (MSV) between November 21 and November 28, 2022. Average spending increased to $1,179, up 17% from last year. Shoppers opted for an average of 8.45 installments, a 24% increase in payment flexibility. Other key categories included Fine Jewelry (18%), Fitness and Outdoors (16%), Home Furnishings (15%), and Health and Beauty (9%), indicating diverse consumer interests despite inflationary concerns.
- Electronics category surged to 24% of MSV from a lower previous rank.
- Average spending rose to $1,179, reflecting a 17% increase.
- Payment flexibility improved with an average of 8.45 installments, up 24%.
- Shift away from Home Furnishings suggests a potential decline in that category's market value.
- Splitit's data shows a slight shift away from purchases for the home, reversing a major theme from the pandemic.
- Electronics was the top category accounting for
24% of MSV of its top 50 merchants during the period between Monday, November 21 and Monday, November 28. - Shoppers spent
$1,179 on average, choosing to spread payments over an average of 8.45 monthly installments.
ATLANTA, Dec. 1, 2022 /PRNewswire/ -- Black Friday and Cyber Monday spending data from Splitit (ASX:SPT, OTCQX:SPTTY) reveals the top spending categories on the installment platform were Electronics, Fine Jewelry, Fitness and Outdoors, Home Furnishings, and Health and Beauty when looking at the merchant sales volume (MSV) of the company's top 50 merchants during the period between Monday, November 21 and Monday, November 28.
Splitit's data shows a slight shift away from purchases for the home, reversing a major theme from the pandemic that saw shoppers spending more on home furnishing and goods. In 2022, Electronics was the top category accounting for
While many buy now, pay later options are limited to smaller order sizes, Splitit's flexibility makes it ideal for higher-ticket items and larger order values. The data shows that Splitit shoppers spent
"Our data shows that consumers are happy to spend this holiday season despite inflationary pressures. Splitit gives consumers greater flexibility to manage their finances by leveraging existing credit without taking out new financing to complete their holiday purchases," said Nandan Sheth, CEO of Splitit. "The gift Splitit brings for retailers is having complete control over the entire shopper experience you don't get with legacy BNPL providers. Splitit's white-label approach, embedded in the existing customer journey, ensures brand consistency while driving loyalty and repeat purchases."
A few key highlights from the big holiday shopping week include:
- Fine Jewelry was the second-highest category the past two years, accounting for
18% of MSV in 2022. It also had the highest AOV of all categories at$4,117.93 – just over$2,000 higher than the next category. - Fitness and Outdoor remained No. 3 with
16% of total MSV but saw a71% increase compared to 2021. The category also saw a9% increase in AOV, reaching$2,072.62 over an average of 11.89 installments. - Down from the top spot in 2021, Home Furnishings totaled
15% of Splitit's purchases, with an AOV of$1,107.97 over an average of 8.5 installments. Both numbers are on par with last year's averages. - Health and beauty purchases rounded out the top five, comprising
9% of all sales. However, the category has the most significant jump in total MSV from last year, increasing253% overall, with an AOV of$1,513.51 and an average of 8.86 installments.
To learn more about Splitit's Installments-as-a-Service platform, visit: www.splitit.com
Splitit powers the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Installments-as-a-Service platform. Splitit is solving the challenges businesses face with legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers and acquirers all through a single network API. Splitit's Installments-as-a-Service platform mitigates issues with legacy BNPL like the declining conversion funnel, clutter at the checkout and a lack of control of the merchant's customer experience while putting the power back in the hands of merchants to nurture and retain customers, drive conversion and increase average order value. Splitit's white-label BNPL is the easiest installment option for merchants to adopt, integrate and operate while delivering an uncluttered, simplified experience embedded into their existing purchase flow. Headquartered in Atlanta, Splitit has an R&D center in Israel and offices in London and Australia. Splitit is listed on the Australian Securities Exchange (ASX) under ticker code SPT and also trades on the US OTCQX under ticker SPTTY (ADRs) and STTTF (ordinary shares).
Contact Information
Brian Blank, Splitit | Michael McMullan |
Berns Communications Group, on behalf of Splitit | |
+1 760 917 3321 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/black-friday-and-cyber-monday-data-from-splitit-shows-electronics-fine-jewelry-fitness-and-outdoors-home-furnishings-and-health-and-beauty-as-top-spending-categories-301692078.html
SOURCE Splitit USA, Inc.
FAQ
What were the top spending categories during Black Friday and Cyber Monday 2022 for SPTTY?
How much did shoppers spend on average using Splitit during the 2022 holiday shopping period?
How many installments did shoppers typically choose when using Splitit during Black Friday 2022?
What percentage of merchant sales volume did Fine Jewelry account for during the Thanksgiving shopping week of 2022?
How did the average order value change for Splitit shoppers in 2022 compared to 2021?
