In the current economic state, consumers more than ever are focusing on budgeting and balancing their spending. Retail technology like Afterpay’s “Buy Now, Pay Later” service is rising to prominence as it allows customers to pay for purchases in segments over four interest-free installments. In fact, the Australian company’s share price gained 20% in the past year, as reported by Simply Wall St.
In its 2020 Global Fashion and Beauty Report that came out this week, Afterpay shared some of the growing trends among its customers, gathered from February until the beginning of April. Its results capture the changing consumer behavior amid the coronavirus pandemic toward a casual lifestyle.
The report listed out the top 10 hottest brands and retailers — including a few unexpected footwear and fashion contenders. Sneaker resale site GOAT came in at No. 3, followed by online retailer Revolve in fourth place. Steve Madden made the list at spot No. 7, while Levi’s came in eighth place and Madewell was ninth. Beauty and wellness brands dominated the rest of the list, with Ulta Beauty coming in at No. 1.
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As companies and employees settle into work-from-home normalcy, there is a growing desire for comfortable attire. The report’s spring “It List” reflected some of this shift in demand. Two sneaker silhouettes made it into the top three — the Air Jordan Retro 3 SE Lows and Nike Air VaporMax Plus running shoes. Other sporty pieces like biking shorts and stretch dress pants made the list as well.
Globally, Afterpay’s customer base of 8.4 million is made up of over 65% millennials and Gen Z shoppers. The use of this service by these generations exemplifies a modern way younger populations are leaning into budgeting and using their purchasing power.
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