Clearpay customers are recreating their favourite entertainment experiences at home
Clearpay and Oxford reveal that homeware is the fastest growing category, up 300% amongst Millennial and Gen Z shoppers
Shoppers have turned to Clearpay for their at-home entertainment needs as the cost of living crisis has shoppers taking the party to their back gardens.
Budget-conscious shoppers using Clearpay, a “Buy Now, Pay Later” service, have taken to purchasing homeware items that bring the party to them, causing a 300% increase in homeware purchases online at Clearpay and on the shopping app. Coupling consumer shopping insights and insights from Oxford Economics, Clearpay aggregated data from its network of merchants and brands and discovered that British families are purchasing items that bring their summer holiday plans to home.
Although there has been a rapid rise of spending on dining out since the reopening of the UK, the latest report from Oxford Economics and Clearpay indicates that due to the current cost of living crisis, Brits are moving entertainment and dining back into the home. They are doing this by investing in items which help them to create exciting spaces for family and friends to enjoy, such as hot tubs, and are using platforms like Clearpay to spread their payments over time.
When looking at British shopping behaviours, Clearpay found that:
- 61% are buying the same or more cooking and dining products compared to pre-pandemic levels , investing in their kitchen space
- 41% of consumers said they are cutting down on eating out
- 34% said they had switched to eating more meals at home
- Sales of hot tubs via Clearpay overtook BBQs by 162% with hot tubs accounted for 1 in 5 of the top 20 homeware purchases; aptly followed by the sale of cotton towels
With Clearpay shoppers can spread costs across four instalments with no interest and no risk of falling into a revolving debt trap. As of March 31, 2022, Clearpay is offered by more than 144,000 of the world’s favourite retailers and more than 20 million active customers have adopted the service.
Five facts about Clearpay:
- Clearpay is completely free for customers who pay on time;
- If customers miss a payment their account is immediately made unavailable so that they cannot accrue more debt or fall into revolving debt;
- Clearpay does not report to credit agencies and will not impact a customer’s credit score;
- Globally, 90% of Clearpay transactions are made with a debit card;
- Over the 12 months ended March 2022, 95% of instalments were paid on time and 98% of purchases incurred no late fees.
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