Press release
Affirm Consumer Spend Report Reveals Top 2022 Summer Spending Trends
From travel and fashion to cooking and kitchen supplies, new data from the pay-over-time company highlights that consumers were eager to socialize this
About this update from Affirm Holdings, Inc.
[{"type":"text","content":"\nFrom travel and fashion to cooking and kitchen supplies, new data from the pay-over-time company highlights that consumers were eager to socialize this summer\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nConsumers are making up for lost time, and they met this summer season with new enthusiasm to socialize on the road and in the home, according to new data from Affirm, the payment network that empowers consumers and helps merchants drive growth.\n\n“This was definitely the summer of travel and socializing – both in and out of the home. The total amount spent on flights was five times greater this summer compared to last, and the amount people spent on cooking and kitchen supplies nearly tripled,” said Ashmi Pancholi, VP of Consumer Insights at Affirm. “It’s also clear that people were pampering their pets – the average pet supply purchase was just over $330, compared to the average children’s apparel purchase costing nearly $180.”\n\nPancholi added, “While consumers were eager to enjoy their summer activities, many were simultaneously facing the strain of rising inflation. This could explain why we saw increased demand for Affirm. Our pay-over-time solutions empower eligible consumers to responsibly purchase the things and experiences they love, without losing control of their budgets.”\n\nAccording to Affirm Consumer Spending Data:\n\nThis Was The Summer Of Travel\n\n\nTravel was the #2 top spending category this summer\n\n\nThe total amount spent on flights was 5x greater this summer vs. last and the total amount spent on hotels more than doubled\n\n\nThe average flight purchase made with Affirm was about $700, the average home rentals purchase was about $1,560, and the average hotels purchase was nearly $600\n\n\nThe total amount spent on luggage and leather goods was 60% higher than last summer\n\n\nTop Travel Destinations included Cancun, Las Vegas, Punta Cana and Orlando demonstrating that people were eager for destinations known for entertainment\n\n\nDressing To Impress Is Back\n\n\nApparel was the #4 top spending category this summer\n\n\nPeople spent more on apparel and hair care this summer vs. last – with overall spend up about 70% and 40% respectively. They also used Affirm more – the number of purchases for each more than doubled\n\n\nPeople spent 45% more on watches this summer vs. last\n\n\nBut, on average, people spe...