Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, released new research revealing that despite economic uncertainty, Canadians are approaching their holiday shopping with “strategy, not restraint.”
Affirm noted in a blog post the majority (71%) plan to spend the same or more this season, but “with a focus on smarter, more deliberate choices.”
The research study, conducted by Talker Research for Affirm, shows that over three in four consumers (77%) are embracing “slow shopping” — taking more time to consider if a purchase is something they “really want or need. Interestingly, nearly 60% (59%) plan to finish their shopping on or after Black Friday, spreading their spending throughout December.”
When asked why, Canadians pointed to a desire to purchase items that are truly “meaningful (55%), find the best deals and promotions (59%), and take the time to research and compare brands and styles (39%).”
Canadians are also turning to flexible payment options like ‘pay over time’ “to make their money go further.”
Nearly 50% (48%) cite the ability to budget more “effectively as a key motivator for buying now and paying later.”
Many (42%) also point to the “benefit of 0% APR offers, with nearly 40% (39%) valuing 0% APR financing as much or more than traditional discounts.”
Wayne Pommen, Chief Revenue Officer at Affirm, said that as Canadians take a more “mindful, value-driven approach to holiday shopping, many are leaving credit cards behind.” Pommen also noted that instead, they’re turning to flexible, “transparent payment options that let them shop responsibly and enjoy the season without the stress of hidden fees and compound interest.”
They also stated that with 60% of shoppers “focused on their budgets, retailers offering pay-over-time options and 0% APR financing will be better positioned to meet these expectations and engage today’s savvy, budget-conscious consumers.”
Pommen added that by using Affirm at checkout, consumers can find exclusive deals for as low “as 0% APR, as well as tailored credit offers and longer payment terms, making it easier than ever to shop responsibly for their loved ones this holiday.”
Survey methodology
This random double-opt-in survey of 2,000 general population Canadians was commissioned by Affirm “between September 24 and October 2, 2024.”
It was reportedly conducted by market 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).
As covered, Affirm claims that its mission is to deliver “honest” financial products that aim to improve consumers’ lives.
By building a new kind of payment network – one based on trust, transparency and putting people first – Affirm says that they 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 never charge “any late or hidden fees.”
