This Thanksgiving, online spending reached a staggering $6.1 billion, with a significant boost from mobile device purchases and the growing popularity of buy now, pay later (BNPL) options. According to Adobe's data, BNPL accounted for an impressive $6.9 billion in holiday spending from November 1 to November 28, with nearly 80% of these transactions occurring on smartphones. This trend is expected to continue into Cyber Monday, where BNPL sales are projected to hit $993 million, marking a notable increase in consumer reliance on installment payment methods. The rise of mobile shopping has also been significant, with 60% of online shoppers placing orders via their phones. Experts suggest that the combination of attractive discounts and the convenience of BNPL has led to impulsive buying behavior, particularly in categories like electronics and apparel. However, the lack of regulation surrounding BNPL raises concerns about potential debt accumulation among consumers who may overspend beyond their means.
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