Online holiday spending reaches record $222B, driven by buy now, pay later options
Cyber Monday was the biggest day of buy now, pay later transactions, accounting for $940M in spending
Consumers spent a whopping $222.1 billion online during the holiday season as usage of flexible spending options hit an all-time high, according to new data from Adobe.
The figure, up 4.9% year over year, marks a new record for online shopping throughout the holiday season, which spans from Nov. 1 through Dec. 31., according to Adobe’s holiday spending report published Thursday.
Adobe noted that the boost in spending was driven in large part by such heavy reliance on “buy now, pay later” (BNPL) options, which allow consumers to pay in installments, often interest-free.
The payment option accounted for $16.6 billion in online spending, up 14% on an annual basis, during the season, underscoring how Americans were trying to manage their debt obligations amid persisting inflation, high interest rates and resumed student loan payments.
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