US consumers spend more on apparel, footwear and accessories, Klarna reports

Friday 3 April 2020 12:55 CET | News

Who’s Who in Payments 2020

New data from Klarna has indicated that consumers in the US are shifting their share of ecommerce spending toward apparel, footwear and accessories as the COVID-19 outbreak continues.

Who’s Who in Payments 2020

The company analyzed all the transactions made through its retail partners as well as through the Klarna app to identify what product Gen Z, millennials and Gen X categories are shopping for most often using Klarna's payment options.

Klarna broke out purchases into seven major categories and then analyzed how each category's share of all Klarna purchases has shifted over time in each age group. Over the next several weeks, the company will continue to analyze consumer spending data to identify how the Covid-19 outbreak is affecting ecommerce and consumer shopping behaviour.

Gen Z, millennial and Gen X consumers who use Klarna have increased their share of ecommerce spending on apparel, footwear and accessories as well as home and garden items, suggesting that they are focusing on personal comfort and creating home environments that will allow them to weather the next several weeks mostly indoors.

Week over week in the week ended March 28, 2020, the apparel, footwear and accessories category's share of all Klarna-enabled purchases increased by:

  • 18% among Gen Zers
  • 13% among millennials
  • 4% among Gen Xers

The home and garden category's share of all Klarna-enabled purchases also grew across all three age groups. The category's volume share increased slightly among Gen Zers and millennials and by 9% among Gen Xers week over week in the week ended 28 March 2020.

Sales volumes in three other major categories-leisure, sport and hobby; marketplace; and intangible products fell week over week from March 22-28 among all three demographic groups.

Gen Xers increased their share of spending on entertainment slightly week over week, while Gen Zers' and millennials' share of spending on the category was roughly flat.

Gen Xers were also the only demographic group among the three to increase their share of spending on electronics week over week, with category volumes up 11% in the week ended March 28 among the group.

More: Link

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Keywords: Klarna, ecommerce, report, consumer preferences
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce