Square and Afterpay Sellers See More Than 61M Transactions During Black Friday / Cyber Monday Shopping Weekend

Rhea-AI Summary

Square reports significant growth during the Black Friday and Cyber Monday weekend, with 61M transactions recorded globally, as consumer spending patterns shift. Labor data shows a 19% increase in holiday staffing, with over 260,000 employees working 3.8M hours. Notably, transactions using Afterpay saw a remarkable 120% growth. The peak shopping moment occurred on November 28 at 11:15 am ET. Gift cards topped sales, and major cities contributing to sales included New York and London. The report emphasizes leveraging online and in-person channels for continued success.

Positive

• 61M transactions recorded over Black Friday and Cyber Monday weekend.
• 19% increase in holiday staffing with over 260,000 employees working.
• Transactions using Afterpay grew by 120% compared to pre-holiday.

Negative

• None.

Square Payroll labor data shows a 19% increase in holiday staffing, with employees clocking 3.8M labor hours across the shopping weekend

SAN FRANCISCO--(BUSINESS WIRE)-- Over the Black Friday and Cyber Monday weekend, Square and Afterpay sellers saw more than 61M transactions as consumers globally kicked off the holiday shopping season. For a detailed look, view our complete Black Friday / Cyber Monday Results. Square and Afterpay’s Festive Forecast report indicated that nearly 80% of consumers intend to spend the same if not more compared to last year, signaling that sellers should continue to prepare for buyer demand during the holidays.

The peak minute for shopping occurred on Monday, November 28 at 11:15 am ET. Cities with the largest volume of sales were New York & Brooklyn, London, Los Angeles, San Francisco, Chicago, and Toronto. As for staffing over the busy shopping weekend, Square found a 19% increase in the number of employees who worked, with more than 260,000 employees working a total of 3.8M hours; the average employee clocked around 14 hours.

“The Black Friday and Cyber Monday weekend kicks off the biggest shopping season for businesses – but it’s only the beginning,” said Alyssa Henry, Head of Square. “We’re entering a pivotal month for businesses to end the year with strong momentum, especially given recent headwinds. Sellers should leverage multiple revenue streams across online and in-person to ensure a successful holiday season, using software like marketing and loyalty programs to keep their business top of mind and to attract customers.”

Transactions of Buy Now, Pay Later (BNPL) methods through Afterpay grew 120% compared to pre-holiday across online and in-person. This is in line with findings from Square and Afterpay’s Festive Forecast report where one in six Americans reported that they planned to use BNPL during the gift-giving period.

Gift cards continue to be a top selling item during the holidays, with more than 245,000 physical and e-gift cards sold this year. The top industries for gift card sales were food and beverage, beauty and personal care, and healthcare and fitness. Consumers who preferred to purchase physical gifts saw an average Black Friday / Cyber Monday discount of 21%, with sellers using Square Marketing to advertise their offers and drive sales.

Fastest growing Afterpay item categories:

• Food and Beverage: 251%
• Hardware: 128%
• Travel and Experiences: 57%
• Automotive: 32%
• Footwear: 16%

Trending Afterpay search terms:

• PS5: 142%
• Gift cards: 30%
• Toys: 40%
• Nintendo Switch: 132%
• Xbox: 100%

Trending online products purchased with Afterpay:

• Beauty advent calendars
• Fluffy slides
• Perfume
• Sneakers
• Tracksuits

Methodology:

All data presented are unaudited and subject to adjustment.

Black Friday and Cyber Monday: Square and Afterpay analyzed millions of global transactions across all seller industries from November 24, 11:00 UTC to November 28, 23:59 UTC. All monetary metrics are displayed in USD.

Pre-Holiday Afterpay Growth: Square and Afterpay compared the number of transactions using Afterpay between October 1, 2022 - October 7, 2022 and November 21, 2022 - November 27, 2022.

About Square

Square helps sellers more easily run and grow their businesses with its integrated ecosystem of commerce solutions. Square offers purpose-built software to run complex restaurant, retail, and professional services operations, versatile e-commerce tools, embedded financial services and banking products, buy now, pay later functionality through Afterpay, staff management and payroll capabilities, and much more – all of which work together to save sellers time and effort. Millions of sellers across the globe trust Square to power their business and help them thrive in the economy. Square is part of Block, Inc. (NYSE: SQ), a global technology company with a focus on financial services. For more information, visit www.squareup.com.

About Afterpay

Afterpay is transforming the way we pay by allowing anyone to buy products immediately and pay over time - enabling simple, transparent and responsible spending. We are on a mission to power an economy in which everyone wins.

Afterpay is offered by thousands of the world’s favorite retailers and used by millions of active global customers. 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 a wholly owned subsidiary of Block, Inc. (NYSE: SQ).

View source version on businesswire.com: https://www.businesswire.com/news/home/20221129005659/en/

press@squareup.com

Source: Block, Inc.

FAQ

What were the transaction figures for Square during Black Friday and Cyber Monday 2022?

Square reported over 61 million transactions globally during Black Friday and Cyber Monday 2022.

How much did staffing increase during the holiday weekend for Square?

Staffing increased by 19%, with more than 260,000 employees clocking a total of 3.8 million hours.

When was the peak shopping minute during the Black Friday and Cyber Monday weekend?

The peak shopping minute occurred on November 28, 2022, at 11:15 am ET.

What growth did Afterpay experience during the holiday shopping season?

Afterpay transactions grew 120% compared to pre-holiday shopping periods.

Which cities had the highest sales volume for Square during the holiday weekend?

The highest sales volumes were recorded in New York, Brooklyn, London, Los Angeles, San Francisco, Chicago, and Toronto.