Customers want to buy now, and pay later this holiday season.
This was according to “The Square Capital Consumer Shopping Survey” from payment solution Square, which revealed that 61% of consumers said they would feel more comfortable spending more this holiday season if they knew they had the ability to pay for purchases over time.
According to data, shoppers plan to spend around $1,300 this holiday season, and almost half (45%) of consumers anticipate spending more than $250 on a single item. A majority of customers (72%) prefer to shop in person for purchases over $250.
However, companies that offer the option to pay for purchases over time could earn them more holiday sales. This also gives smaller retailers the potential of winning more wallet share this holiday season, as 68% of consumers said they would be more likely to consider a small or local business if they offered financing options.
Other findings include:
• The majority of consumers (84%) indicate they prefer to support small businesses whenever they can.
• Over half (56%) will begin shopping before Thanksgiving and of those, 23% started their shopping by August of this year.
“We know that consumers prefer to support small businesses whenever they can, and we want to make sure this holiday season is no exception,” said Jacqueline Reses, head of Square Capital. “We’re excited to see what a level playing field can do for small business sales now that more sellers have access to financing options that provide flexibility to their shoppers.”