Square and Afterpay Sellers See More Than 61M Transactions During Black Friday / Cyber Monday Shopping Weekend
November 29 2022 - 8:29AM
Business Wire
Square Payroll labor data shows a 19% increase
in holiday staffing, with employees clocking 3.8M labor hours
across the shopping weekend
Over the Black Friday and Cyber Monday weekend, Square and
Afterpay sellers saw more than 61M transactions as consumers
globally kicked off the holiday shopping season. For a detailed
look, view our complete Black Friday / Cyber Monday Results. Square
and Afterpay’s Festive Forecast report indicated that nearly 80% of
consumers intend to spend the same if not more compared to last
year, signaling that sellers should continue to prepare for buyer
demand during the holidays.
The peak minute for shopping occurred on Monday, November 28 at
11:15 am ET. Cities with the largest volume of sales were New York
& Brooklyn, London, Los Angeles, San Francisco, Chicago, and
Toronto. As for staffing over the busy shopping weekend, Square
found a 19% increase in the number of employees who worked, with
more than 260,000 employees working a total of 3.8M hours; the
average employee clocked around 14 hours.
“The Black Friday and Cyber Monday weekend kicks off the biggest
shopping season for businesses – but it’s only the beginning,” said
Alyssa Henry, Head of Square. “We’re entering a pivotal month for
businesses to end the year with strong momentum, especially given
recent headwinds. Sellers should leverage multiple revenue streams
across online and in-person to ensure a successful holiday season,
using software like marketing and loyalty programs to keep their
business top of mind and to attract customers.”
Transactions of Buy Now, Pay Later (BNPL) methods through
Afterpay grew 120% compared to pre-holiday across online and
in-person. This is in line with findings from Square and Afterpay’s
Festive Forecast report where one in six Americans reported that
they planned to use BNPL during the gift-giving period.
Gift cards continue to be a top selling item during the
holidays, with more than 245,000 physical and e-gift cards sold
this year. The top industries for gift card sales were food and
beverage, beauty and personal care, and healthcare and fitness.
Consumers who preferred to purchase physical gifts saw an average
Black Friday / Cyber Monday discount of 21%, with sellers using
Square Marketing to advertise their offers and drive sales.
Fastest growing Afterpay item categories:
- Food and Beverage: 251%
- Hardware: 128%
- Travel and Experiences: 57%
- Automotive: 32%
- Footwear: 16%
Trending Afterpay search terms:
- PS5: 142%
- Gift cards: 30%
- Toys: 40%
- Nintendo Switch: 132%
- Xbox: 100%
Trending online products purchased with Afterpay:
- Beauty advent calendars
- Fluffy slides
- Perfume
- Sneakers
- Tracksuits
Methodology:
All data presented are unaudited and subject to adjustment.
Black Friday and Cyber Monday: Square and Afterpay analyzed
millions of global transactions across all seller industries from
November 24, 11:00 UTC to November 28, 23:59 UTC. All monetary
metrics are displayed in USD.
Pre-Holiday Afterpay Growth: Square and Afterpay compared the
number of transactions using Afterpay between October 1, 2022 -
October 7, 2022 and November 21, 2022 - November 27, 2022.
About Square
Square helps sellers more easily run and grow their businesses
with its integrated ecosystem of commerce solutions. Square offers
purpose-built software to run complex restaurant, retail, and
professional services operations, versatile e-commerce tools,
embedded financial services and banking products, buy now, pay
later functionality through Afterpay, staff management and payroll
capabilities, and much more – all of which work together to save
sellers time and effort. Millions of sellers across the globe trust
Square to power their business and help them thrive in the economy.
Square is part of Block, Inc. (NYSE: SQ), a global technology
company with a focus on financial services. For more information,
visit www.squareup.com.
About Afterpay
Afterpay is transforming the way we pay by allowing anyone to
buy products immediately and pay over time - enabling simple,
transparent and responsible spending. We are on a mission to power
an economy in which everyone wins.
Afterpay is offered by thousands of the world’s favorite
retailers and used by millions of active global customers. Afterpay
is currently available in Australia, Canada, New Zealand, the
United States and the United Kingdom, France, Italy and Spain,
where it is known as Clearpay. Afterpay is a wholly owned
subsidiary of Block, Inc. (NYSE: SQ).
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