Here we have aggregated recent purchases made by our global customer base of over 13 million, across our catalog of 74,000+ brands and retailers, to identify the season’s key trends and shopping patterns.
What sets our report apart is our use of actual, up-to-the-moment customer purchase data, coupled with the fact that an overwhelming majority of Clearpay users are categorized as Millennials and Gen Z.
Rather, we are uniquely positioned to present a definitive guide to the global fashion and beauty landscape through the lens of how the world’s highest-value and most powerful demographic is spending its money.
As we know, the shift to e-commerce has accelerated at its fastest ever rate in 2020. By May, it was up 70% year-over-year and had reached $82.5 billion in the US alone. In the last few months, people who have never shopped online had no choice but to do so. People who already shopped online either expanded the categories they purchased across, or the frequency at which they were transacting.
What is clear is customers were and are still purchasing - but what they’re purchasing has changed. Purchasing behavior reflects the shift in the external environment. Categories such as beauty, fitness, and home decor grew in demand. People also showed support for small and local businesses.
Since last season, keeping track of finances, budgeting, and purchasing items on sale have become more important to shoppers. While they are spending more this season, they are making an investment in local businesses and higher quality items.
Using their own money is important to them.
As we look ahead, shoppers will look to purchase pieces that make them feel hopeful and happy. Items that make people feel special will be the trend over the next several months. It’s going to be all about what makes you feel like the best version of you.