Afterpay Limited released its full consumer shopping trends for the Holiday 2019 season, from November 15 through the end of December 2019. Based on this data, mobile shopping was by far and away the preferred way consumers shopped and paid for items using the Afterpay service. Nearly 80 percent of customers used mobile devices for their purchases this season, a 12 percent increase from 2018.
The most popular retailers and top selling brands demonstrated strong consumer interest in athleisure, cosmetics and lifestyle brands such as Ulta Beauty, Jeffree Star Cosmetics, Urban Outfitters and Nike among others.
Unsurprisingly, Black Friday was the most popular shopping day of the season globally for customers using the Afterpay service, primarily driven by the compelling holiday sales deals offered by many retailers. The second most popular shopping day was Boxing Day in Australia and New Zealand and Cyber Monday in the US.
More than 3 million active customers have used the Afterpay service at a partner retailer in the U.S., the majority of which are Millennial or Gen Z. In a 2019 Morning Consult survey, Millennials reported that they buy fashion and beauty more frequently than any other items such as books, entertainment, home goods etc. As Millennial and Gen Z consumers age, their spending power also grows. In 2020, Millennials will have the highest spending power of any generational group – almost $15 trillion worldwide – and are expected to drive even more growth in ecommerce and digital payments.