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Apr 24, 2020

Furniture and jewelry transactions skyrocket 60% week over week as a record number of US consumers choose buy now, pay later options

Klarna App Sees Second-Highest Weekly Transaction Volume Ever as Coronavirus Lockdowns Continue

New York, NY (April 24, 2020) – Klarna, a leading global payments and shopping provider, today released new data that show a major increase in demand for furniture and jewelry, with Klarna-enabled transaction volumes in both categories up a whopping 60% week over week in the week ended April 18. The data also revealed that more consumers are turning to Klarna’s buy now, pay later options as they weather coronavirus stay-at-home orders and economic and job uncertainties. In the US, the company saw its second-highest weekly transaction volume ever on the Klarna app, which enables consumers to shop at any online store, during the week of April 12–18; only the week of Black Friday last year saw higher volumes of transactions made through the app.

“With millions of us still under some kind of quarantine in the US, many consumers appear to be upgrading their furniture and looking to make their living spaces more comfortable,” said David Sykes, Head of US at Klarna. “Our recent data also show that people seem to be looking for creative diversions to keep them occupied at home. For example, we’re seeing an increase in the number of people taking advantage of flexible payment options to buy musical instruments, like guitars, as well as craft items right now.”

Key Findings

Klarna is analyzing transaction data weekly to identify how the coronavirus outbreak is affecting e-commerce and consumer shopping behavior. The company has examined average daily transaction volumes for items bought through the Klarna app—which allows consumers to shop at any online store—to identify which product categories and online stores its app users are shopping most often as the coronavirus pandemic continues.

  • Klarna app–enabled transactions at furniture stores, up 60% week over week, had been trending upward since the coronavirus outbreak hit the US, indicating that consumers have been focusing on making their homes more comfortable as they wait out stay-at-home orders.
  • Stores that sell musical instruments saw average daily transaction volumes rise by 37% in the week ended April 18, indicating that more people are looking to pass the time at home by making music.
  • Jewelry sales saw an increase of 60% week over week.
  • Electronics stores saw a 37% increase in average daily volume of transactions made through the Klarna app in the week ended April 18.
  • Average daily transactions at sporting goods stores were up 17% in the week ended April 18.
  • At stores that sell craft items, average daily transactions were up 16% week over week.

About Klarna

We make shopping smooth. With Klarna, consumers can buy now and pay later, so they can get what they need today. Klarna’s offering to consumers and retailers includes payments, social shopping and personal finances. Over 200,000 merchants, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress, have enabled Klarna’s innovative shopping experience online and in-store. Klarna is the most highly valued fintech in Europe, with a valuation of $5.5 billion, and one of the largest private fintechs globally. Klarna was founded in 2005, has over 3,000 employees and is active in 17 countries. Klarna’s North American offices are in Columbus, Ohio; Los Angeles; and New York. Klarna Credit is issued by WebBank, member FDIC. For more information, visit klarna.com.

Media contact:
Berns Communications Group
Michael McMullan/Danielle Poggi