Home Market News Record Sales for Square and Afterpay Sellers During Black Friday and Cyber Monday

Record Sales for Square and Afterpay Sellers During Black Friday and Cyber Monday

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Record Sales for Square and Afterpay Sellers During Black Friday and Cyber Monday
Young woman shopping from home at Black Friday discount.

ArtistGNDphotography

Black Friday and Cyber Monday proved to be a boon for Square (NYSE:SQ) and Afterpay sellers around the globe, witnessing a staggering 70 million transactions, marking a 14% increase from the previous year. The frenzy of consumer spending, both in-store and online, has shattered records, showcasing the purchasing power of the masses.

The shopping season saw a remarkable diversity in consumer behavior, with a 15% rise in in-person shopping and a significant 3.9X increase in online cart sizes, reflecting the evolving landscape of retail.

Anticipation for substantial discounts and flexible payment options drove the unparalleled spending spree, capturing the attention of eager shoppers. Businesses across various sectors, from traditional retail to dining and beauty, embraced the shopping extravaganza, witnessing a surge in transactions that surpassed all expectations.

The allure of Black Friday and Cyber Monday drew in a multitude of consumers, propelling a remarkable 108% increase in beauty and wellness sellers who offered enticing deals to captivate the masses.

Square’s data further revealed a 31% surge in activated subscriptions, accompanied by a 1.2X increase in transactions for hot-ticket items, catering to the growing demand for convenience and choices. Major cities such as New York, Los Angeles, London, Chicago, and Miami were the epicenters of this spending spree, experiencing the largest volume of sales.

Notably, the appeal for flexible payment options, particularly Buy Now, Pay Later (BNPL) services, soared, with Afterpay transactions rising by 19%, while Square sellers observed a substantial 47% growth in Afterpay transactions, underscoring the shifting preferences of consumers.

Moreover, the product categories that saw significant traction beyond fashion and beauty included hardware, home and garden, arts and entertainment, office supplies, and electronics, indicating the expansive impact of the shopping extravaganza.

Saumil Mehta, Head of Point of Sale and Omnichannel at Square, affirmed, “Given consumer sentiment has been positive around the holidays, and we know this weekend is often just the beginning, businesses should continue to expect an influx of shoppers, and be ready to meet them wherever they prefer to shop.”

Monday unveiled a promising revelation as Adobe Analytics data indicated a record $9.8 billion in Black Friday online sales in the U.S., marking a 7.5% increase from the previous year, offering a glimmer of hope for retailers amid uncertain market conditions.

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