Shoppers shift e-commerce spending towards leisure and home goods in the run-up to Black Friday

NEW YORK, Nov. 25, 2020 /PRNewswire/ -- Klarna, the leading global payments provider and shopping service, today released new holiday shopping data that indicates shoppers in the US shifted their share of e-commerce spending towards the leisure, sports & hobby and home & garden categories in the week ahead of Thanksgiving (November 16-22). Analyzing transactions made through the Klarna app, which allows consumers to shop from any online store, Klarna also identified the most-shopped categories among US Gen Zers, Millennials, Gen Xers and Baby Boomers leading up to Black Friday.

"US shoppers are focusing more on leisure, sports, and home goods purchases as we approach Thanksgiving and Black Friday," said David Sykes, Head of US at Klarna. "Klarna's new data also indicates that younger shoppers are taking advantage of mobile shopping and flexible payment options to purchase home supplies, appliances and furniture. This spending shift may reflect an increase in the number of consumers planning to cook and bake for Thanksgiving - a holiday that many younger households will be celebrating on their own this year due to safety concerns amid the ongoing pandemic."

KEY FINDINGS

    --  The leisure, sports & hobby category saw 6% week-over-week growth in
        share of wallet across all generations in the week ended November 22,
        with the most-shopped retailers being book stores, sporting goods
        stores, and gift card and souvenir shops. This growth was especially
        pronounced among Millennials (up 6%), Baby Boomers (up 7%) and Gen Xers
        (up 6%).
    --  The home and garden category's share of wallet also grew by 11% across
        all four generations, with the most-shopped retailers being furniture,
        home supply and household appliance stores. This growth was especially
        pronounced among Millennials (up 13%), Baby Boomers (up 13%) and Gen
        Xers (up 11%).
    --  Gen Zers and Gen Xers shifted more of their spending toward the health
        and beauty category, increasing their share of wallet spent on these
        items by 12% and 2%, respectively, week-over-week. Meanwhile, share of
        wallet spent on this category fell among Millennials (down 4%) and
        Boomers (down 17%).
    --  Shoppers were divided on electronics during the week ended November 22.
        Boomers and Gen Xers shifted more of their spending towards the
        category, increasing their share of wallet spent on electronics by 17%
        and 8%, respectively, week-over-week. Electronics were less of a
        spending priority for Gen Z shoppers, with their share of wallet spent
        on the category falling by 8%.
    --  All generations shifted spending away from the marketplace category,
        which registered a 5% drop in share of wallet week-over-week.

Klarna has been analyzing share of wallet, or how its app users are dividing their spending among different shopping categories, to identify which categories consumers are shopping most often through the Klarna app. Throughout November and December, the company will continue to analyze proprietary data on a weekly basis to identify notable insights around consumer behavior during the critical 2020 holiday peak season period.

Methodology

Klarna analyzed purchases made through Klarna's US in-app shopping feature for the week of November 16-22, 2020, versus the previous week. The data indicates the distribution of purchase volumes among the following selected categories:

    --  Home and garden: furniture, tools and home improvement, pet supplies,
        kitchenware, plants and flowers, and cleaning products
    --  Leisure, sports & hobby: sports and outdoor gear, concept stores, hobby
        articles, prints and photos, costumes, and party supplies
    --  Health and beauty: health, beauty and cosmetics; body and haircare;
        personal care; dietary supplements; fragrances; and prescription optics
    --  Marketplace: items purchased from the likes of Amazon.com, Walmart.com,
        Target.com and eBay.com
    --  Electronics: diversified electronics, electronic equipment and related
        accessories, household electronics (including white goods and
        appliances), office machines and related accessories (excluding
        computers), and car electronics

About Klarna

We make shopping smoooth. With Klarna, consumers can buy now and pay later, so they can get what they need today. Klarna's offering to consumers and retailers includes payments, social shopping and personal finances. Over 200,000 retail partners, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress, have enabled Klarna's innovative shopping experience online and in-store. Klarna is ranked number five on the 2020 CNBC Disruptor 50 list, is the most highly valued fintech in Europe with a valuation of $10.65 billion, and is one of the largest private fintechs globally. Klarna was founded in 2005, has over 3,500 employees and is active in 17 countries. For more information, visit klarna.com.

Media Relations Contacts:

press.us@klarna.com

Berns Communications Group

Michael McMullan / Danielle Poggi

mmcmullan@bcg-pr.com / dpoggi@bcg-pr.com

This information was brought to you by Cision http://news.cision.com

The following files are available for download:



     
     https://mb.cision.com/Public/1740/3243717/acde6764438d3502_org.jpg SmooothSituations HomeCinema Simplified 16x9

View original content:http://www.prnewswire.com/news-releases/shoppers-shift-e-commerce-spending-towards-leisure-and-home-goods-in-the-run-up-to-black-friday-301180698.html

SOURCE Klarna Bank AB