Consumers are not holding back on holiday spending this year – but they are taking a “more deliberate approach” to the purchases they make, according to research from Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth.
The research study, conducted by Talker Research on behalf of Affirm, reveals the growing trend of “slow shopping,” with nearly three in four consumers (73%) saying they have adopted this approach for the holiday shopping season.
Additionally, three in five consumers (60%) say they “have started their shopping earlier, making more frequent, smaller trips, and being mindful of what they buy this year.”
When asked why, consumers pointed to “value and intention.”
More than one in two consumers (53%) say they “slow shop” to ensure they are only purchasing items they truly want, and “more than one in three (36%) say it helps them take more time to research their purchases and compare different brands and styles.”
At the same time, more than half (51%) say they are using “slow shopping” to take advantage of more deals and promotions, a need Affirm is directly addressing through its exclusive 0% APR offers.
Consumers may be pacing their holiday spending, but they are “not cutting back.”
Nearly 70% of consumers (68%) plan to spend the “same or more than they did last year – fully aware of higher costs.”
Over one in three (34%) cite inflation as the reason they “expect to pay more for the same number of gifts.”
Against this backdrop, budgeting and affordability are “among consumers’ top priorities this holiday season.”
Key findings show that:
- Over half of consumers (55%) prioritize finding value for money and hunting for the best deals.
- Half of consumers (50%) consider 0% APR financing options to be just as, if not more, valuable than traditional discounts.
- Over half of consumers (53%) are using pay over time options to make the cost of a purchase more affordable, closely followed by the ability to help them budget (52%).
Survey methodology
This random double-opt-in survey of 2,000 general population Americans was commissioned by Affirm “between September 24 and October 2, 2024.”
It was conducted by research company Talker Research, whose team members are members of the Market Research Society (MRS) and the European Society for Opinion and Marketing Research (ESOMAR).
Affirm’s mission is to deliver “honest financial products” that improve lives.
By building a new kind of payment network – one based on trust, transparency and putting people first – they aim to “empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth.”
Unlike most credit cards and other pay-over-time options, they claim to show consumers exactly what they will pay “up front and never charge any late or hidden fees.”