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NEW YORK, Oct. 6, 2022 /PRNewswire/ -- More than 2 in 3 (68%) of shoppers plan to spend more or the same on holiday shopping this year compared to last year, according to a new holiday report from Klarna, the global leader in the generational shift away from credit cards. About 1 in 4 (24%) of shoppers have tightened their budgets and plan to spend less. Moreover, while 1 in 3 (31%) plan to spend more this holiday season, consumers of all ages are also prioritizing deals, discounts, and apps, signaling an even bigger emphasis on smart and savvy shopping habits.
"The data this year tells a slightly different story about holiday shopping. We're seeing a combination of shoppers tightening their budgets, and shoppers that are willing to spend at similar or higher rates. But the common denominator is that the majority are approaching the holiday season sales in a much more savvy way," said Klarna's Global Head of Partner Success, Raji Behal. "The vast majority of all holiday shoppers this season are focused on budget-friendly products, discounts, and smarter ways to shop."
Two-thirds (66%) of shoppers are making a plan to stick to budgets this year–a 14% increase from those who stuck to budgets in 2021–and 60% say that finding deals and discounts is a top fiscal priority for this holiday season. Tools to save time and money are therefore top of mind, with coupons (50%), shopping apps (47%), and loyalty programs (44%) as the most popular "hacks" that shoppers plan to utilize to maximize their spending this year. Shopping apps are particularly popular among younger consumers, with 60% and 62% of Gen Zers and Millennials, respectively, planning to use them this holiday season. Price comparison platforms are also a popular time and money-saving tool that 42% of shoppers plan to use this season, enabling users to compare prices across thousands of retailers to find the best deals.
Shoppers are also embracing smarter, interest-free payment methods. Over half (55%) of shoppers say they will seek out flexible payment options, like interest-free BNPL, when making big purchases this holiday season. This preference is even stronger among younger generations, with nearly three-fourths (72%) of Millennials and over half (58%) of Gen Zers seeking out flexible payment options for larger purchases.
ADDITIONAL REPORT HIGHLIGHTS
For more 2022 holiday shopping insights, visit https://insights.klarna.com/2022-holidays-unwrapped/.
*Methodology
Findings are based on the result of a survey of 1,234 US consumers ages 18-66+, fielded September 2022, conducted by the research agency Dynata. Definitions of each age group are Gen Z (18-24); Millennials (25-40); Gen X (41-56); Boomers (57-66).
About Klarna
Since 2005 Klarna has been on a mission to revolutionize the retail banking industry. With over 150 million global active users and 2 million transactions per day, Klarna is meeting the changing demands of consumers by saving them time and money while helping them be informed and in control. Over 450,000 global retail partners, including H&M, Saks, Sephora, Macys, IKEA, Expedia Group, and Nike have integrated Klarna's innovative technology to deliver a seamless shopping experience online and in-store. Klarna has over 6,000 employees and is active in 45 markets. For more information, visit Klarna.com.
CONTACT:
For additional information, please contact:
Adaline Colton
+1 (614) 429-9125
press.us@klarna.com
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SOURCE Klarna Bank AB
