Emerging payment methods, particularly buy now, pay later (BNPL) options, are reshaping holiday shopping trends this season. As consumer spending data for Black Friday and Cyber Monday emerges, BNPL has shown remarkable growth, with companies processing over $9 billion in purchases since November 1. Block, the parent company of Afterpay, noted a 10% increase in BNPL transactions year-over-year, driven largely by millennials, who accounted for 44% of these transactions. PayPal also reported significant growth in its BNPL sales through its Pay in 4 platform. Overall, BNPL spending during the holiday season has reached $18.6 billion, up from $16.6 billion last year. Online shopping is thriving, with $131.5 billion spent from November 1 to December 2, a 9% increase from last year. Mobile devices played a crucial role, with Cyber Monday seeing $7.6 billion in mobile purchases. Gift card sales surged, reflecting changing consumer preferences.
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