Black Friday Shopping
On the sole Friday morning when everyone suddenly claims to be a morning person – yes, Black Friday – a digital shopping storm ensued, breaking records with $9.8 billion in online sales in the U.S. On its own, Amazon sold more than one billion, yes billion, items during its Black Friday sale.
Now, the elephant remains in the room: Are consumers spending due to a positive economic outlook, surplus savings, or simply irresistible deals? Perhaps the hottest sold items of the day hold the answer to that question … a snail mucin skin moisturizer and the Amazon Fire Stick … Answer pending.
However, a closer look points to the rising trend of buy now, pay later (BNPL) shoppers. BNPL purchases hit an all-time high, up 43% from a year ago, allowing shoppers to split payments into manageable installments, often with zero or minimal interest. Additionally, a report showed credit card balances grew $48 billion in the third quarter and marked the eighth quarter of consecutive year-over-year increases.
In essence, the Black Friday craze may be fueled in part by the shifting landscape of consumer finance, where flexible payment options increasingly shape shopping habits and financial commitments.