Afterpay Data Finds 4 Day Work Week Boosts Brick and Mortar Shopping

Afterpay analyzed the shopping trends from its bi-annual Afterpay Day sale in March to understand how consumer behaviors will change in the coming months. Most notably, Afterpay data has revealed a strong correlation between conventional working hours and high-volume shopping activity – indicating more consumers are enjoying year-round summer Fridays.

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Across the country, Friday mornings proved to be the most popular time frame to shop, which was first spotted over the last six-month period and further validated during the promotional period.

This trend highlights the strong shift to a reimagined and shorter work week, where 32% of employers already offer this model. When looking at other shopping behaviors, Afterpay found the following during the four-day sales period:

Afterpay Key Findings

• Move over furry friends: Reptiles are the official pandemic pet as live crickets were the number one most popular item to purchase across the country.
  
• Long live the department stores: Consumers are running back to department stores with sales up 261% since last fall.
  
• Brick-and-mortars are back: Physical stores reign supreme as consumers crave IRL shopping experiences, with sales up 91% – almost doubling since August 2021.
  
• Choosing gift cards now to pay later: Decision fatigue has been real, with more consumers relying on gift cards as opposed to physical gifts.
  
• The mobile-first generation: Gen Z and Millennial shoppers predominantly turned to their mobile devices to search and shop for deals – user activity was up 46% since Afterpay’s last four-day promotional period

“Many people reevaluated their work-life balance since the start of the pandemic – determining that their usual 9 to 5 wasn’t realistic anymore. As the Covid economy introduces the four-day workweek to more businesses, people will spend their Fridays focused on more relaxing pastimes such as retail therapy and recreational sports that reduces stress and promotes long-term happiness.”

Shakaila Forbes-Bell, Fashion Psychologist, Afterpay.

Afterpay’s core demographic of Millennial and Gen Z shoppers account for 68% of its customer base. Since 2020, these younger generations have led the charge on BNPL growth, with Gen Z spending up 925% as they prefer to use BNPL as a budgeting tool to manage their purchases. According to an Accenture report, Afterpay also saved consumers up to $459m in credit card fees and interest.

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