As consumers shopped over the Black Friday and Cyber Monday weekend, carts were filled with electronics, fine jewelry, fitness and outdoors, home furnishings and health and beauty items, according to data from Splitit, which looked at the top five categories for merchant sales volume, or MSV.
Overall, Splitit saw shoppers spend $1,179 on average between Nov. 21 and 28. Consumers using Splitit also chose to spread payments out over an average of 8.45 monthly installments.
“Our data shows that consumers are happy to spend this holiday season despite inflationary pressures,” said Nandan Sheth, chief executive officer of Splitit. “Splitit gives consumers greater flexibility to manage their finances by leveraging existing credit without taking out new financing to complete their holiday purchases. The gift Splitit brings for retailers is having complete control over the entire shopper experience you don’t get with legacy BNPL [buy now, pay later] providers. Splitit’s white-label approach, embedded in the existing customer journey, ensures brand consistency while driving loyalty and repeat purchases.”
With Splitit, consumers can use BNPL options flexibly, allowing small order sizes or higher-ticket orders to be paid in installments. During the Black Friday weekend, Splitit’s data found its shoppers spent 17 percent more than a typical week.
In contrast to recent years, Splitit’s analysts say the data shows a noticeable, if not slight shift away from purchases for the home, reversing a major theme from the pandemic when shoppers were spending more on home furnishings and goods. Taking home furnishings and goods’ place as the top category in 2022 is electronics, up from the number-four spot in 2021.
For the second year in a row, fine jewelry was the second-highest category. Fine jewelry also had the highest AOV across all categories at $4,117.93 — more than $2,000 higher than the next category. Fitness and outdoor held its place as the third-highest category, but did see an increase of 71 percent in MSV and a 9 percent increase in average order value, or AOV, reaching $2,072.62.
Rounding out the top five categories, health and beauty purchases comprised 9 percent of all sales. The category had the most significant jump in total MSV from last year, increasing 253 percent overall with an AOV of $1,513.51.