How do you get beauty shoppers to spend more? Offer financing. Using an independent market research firm that surveyed 475 U.S. consumers, Bread has released its Annual Holiday Shopping Report 2019, which indicates the average shopper is looking to finance $465, with 54% stating they’d spend more if possible.
Previously: Beauty Sales to be Stronger This Holiday Season
Bread has detailed five major insights that represent how consumers save and buy during the holiday season.
1. Shoppers save early and shop late for holidays
- 86% of consumers start saving for holiday shopping before October
- 22% of consumers start holiday shopping before October
2. Shoppers often don’t stick to a budget and expect to finance 45% of their holiday purchases
- Consumers expect to spend $1,007 and anticipate financing $456
- 86% of shoppers set a budget in advance and only 23% stick to it
3. Buy now, pay later options appeal to holiday shoppers
- 28% of consumers plan to pay for their holiday shopping with interest-free installments
- 50% of consumers would be open to using interest-free installments to pay for their holiday shopping
4. Holiday shoppers spend more when offered financing
- 54% of consumers would spend more on holiday shopping with the option to split up purchases into interest-free payments
- 18% pf consumers would spend up to 20% more with the option to split up payments into interest-free installments
- 25% of consumers would prefer interest-free installments over paying all at once with a 15% discount
5. Buy now, pay later options appeal to millennial shoppers the most
- 74% of millennials would spend more in offered interest-free installments
- 48% of Gen Xers would spend more if offered interest-free installments
