Consumers Shifting E-commerce Spending Toward Apparel and Footwear During Coronavirus Outbreak
New Data from Klarna Reveal that Gen Zers, Millennials and Gen Xers Used a Larger Share of Their Wallet on Clothing and Accessories than Any Other Category Last Week
Klarna, a leading global payments and shopping provider, today released new data that indicate consumers in the US are shifting their share of e-commerce spending toward apparel, footwear and accessories as the COVID-19 outbreak continues. The company, which is used by 7 million shoppers and which has 4,000 retail partners in the US, analyzed all the transactions made through its retail partners as well as through the Klarna app to identify what product categories Gen Zers, millennials and Gen Xers are shopping for most often using Klarna’s flexible payment options.
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“We’ve found that US consumers are really focusing their e-commerce shopping on clothing, shoes and accessories as they weather this difficult period,” said Klarna CEO Sebastian Siemiatkowski. “For retailers and brands, the data may indicate that shoppers are choosing to buy comfortable items to work from home in as well as workout wear that will get them through the next several weeks of exercising in their living rooms. Consumers are also taking advantage of payment options that give them the flexibility and control to buy the things they need and that will help them get through `stay-at-home’ periods.”
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To identify how consumer behavior is changing in the US due to the COVID-19 outbreak, Klarna looked at purchases made by users through its retail partners and through the Klarna app, which enables consumers to shop from any online store. The company analyzed purchases by shoppers in the Gen Z (ages 18-23), millennial (ages 24-39) and Gen X (ages 40-55) demographics over the weeks of March 22-28 and March 15-21 as well as a base period of February 1-March 7, 2020. Klarna broke out purchases into seven major categories and then analyzed how each category’s share of all Klarna purchases has shifted over time in each age group. Over the next several weeks, the company will continue to analyze consumer spending data to identify how the coronavirus outbreak is affecting e-commerce and consumer shopping behavior.
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