Klarna just released data that indicates shoppers in the US – particularly Millennials – shifted their share of e-commerce spending towards intangible items such travel and event tickets during Cyber Week (November 30–December 6). Klarna also identified spending trends among US Gen Zers, Millennials, Gen Xers and Baby Boomers during Cyber week, pointing to a rise in purchases in the leisure, sport & hobby and marketplace categories leading into the holidays.
“Online shoppers are especially cognizant of holidays shipping deadlines, which are approaching fast and will impact whether delivery by Christmas Day is possible this year,” said David Sykes, Head of US at Klarna. “Klarna’s Cyber Week data shows that more shoppers are embracing intangible products like event tickets, trips and vacations as gifts, since they can be bought in advance and shared easily online. We expect growth in this category to continue during the holidays, as shoppers make plans for the new year.”
- The intangible items category, which includes event tickets and travel services, saw a 4% increase in share of wallet among all generations during Cyber Week compared to Black Friday week (week ending November 29). This growth was particularly pronounced among Millennials, whose share of wallet in this category grew by 5% week over week.
- The leisure, sport and hobby category’s share of wallet increased by 14% among all generations during Cyber Week compared to Black Friday week. This growth was especially pronounced among Millennials, Gen X and Boomers, whose share of wallet in this category rose by 14%, 15% and 33%, respectively, week over week.
- Marketplaces remain a popular shopping category among all generations. This category’s share of wallet rose by 3% week over week and by 48% during Cyber Week compared to the average baseline week in Q3.
- Shoppers were divided on children’s products during Cyber Week. Klarna app data shows that this category’s share of wallet fell by 18% among Millennials and 11% among Gen X during Cyber Week compared to the week ending November 29. Meanwhile, share of wallet among Gen Z and Boomers rose by 13% and 22%, respectively, week over week.
- Shoppers were also divided on home and garden products during Cyber Week. While Boomers’ share of wallet in this category grew by 28% during Cyber Week compared to the week prior, Gen X, Millennial and Gen Z shoppers shifted their spending away from this category, decreasing their share of wallet by 8%, 11% and 16%, respectively, week over week.
- While electronics continues to be a popular spending category among Klarna shoppers, products in this category were less of a priority during Cyber Week. This category registered a 20% drop in share of wallet across all generations during Cyber Week compared to the week prior.
The share of wallet, or how its app users are dividing their spending among different shopping categories, was analysed to identify which categories consumers are shopping most often through the Klarna app. Throughout December, we will continue to analyze proprietary data weekly to identify notable insights into consumer behavior during the critical 2020 holiday peak season period.