Wake Up Call: Afterpay Data Verifies The Four-Day Work Week Is Catching On
A transformation for the future of work is underway as modern-day workers signal that Fridays are off-limits
Plus, a spike in sales from in store shopping shows a revitalization for brick-and-mortars
Afterpay analyzed the shopping trends from its bi-annual Afterpay Day sale in March to understand how consumer behaviors will change in the coming months.
Most notably, Afterpay data has revealed a strong correlation between conventional working hours and high-volume shopping activity – indicating more consumers are enjoying year-round summer Fridays. Across the country, Friday mornings proved to be the most popular time frame to shop, which was first spotted over the last six month period and further validated during the promotional period. This trend highlights the strong shift to a reimagined and shorter work week, where 32% of employers already offer this model.
When looking at other shopping behaviors, Afterpay found the following during the four-day sales period:²
- Move over furry friends: Reptiles are the official pandemic pet as live crickets were the number one most popular item to purchase across the country.
- Long live the department stores: Consumers are running back to department stores with sales up 261% since last fall.
- Brick-and-mortars are back: Physical stores reign supreme as consumers crave IRL shopping experiences, with sales up 91% – almost doubling since August 2021.
- Choosing gift cards now to pay later: Decision fatigue has been real, with more consumers relying on gift cards as opposed to physical gifts.
- The mobile-first generation: Gen Z and Millennial shoppers predominantly turned to their mobile devices to search and shop for deals – user activity was up 46% since Afterpay’s last four-day promotional period.
Shakaila Forbes-Bell, Afterpay’s fashion psychologist said, “Many people reevaluated their work life balance since the start of the pandemic – determining that their usual 9 to 5 wasn’t realistic anymore. As the Covid economy introduces the four-day workweek to more businesses, people will spend their Fridays focused on more relaxing pastimes such as retail therapy and recreational sports that reduces stress and promotes long-term happiness.”
Afterpay’s core demographic of Millennial and Gen Z shoppers account for 68% of its customer base. Since 2020, these younger generations have led the charge on BNPL growth, with Gen Z spending up 925%⁴ as they prefer to use BNPL as a budgeting tool to manage their purchases. According to an Accenture report, Afterpay also saved consumers up to $459m in credit card fees and interest.