Clearpay, a leader in “Buy Now, Pay Later” payments known as Afterpay outside the UK and Europe, is encouraging Brits to get organised this festive season. The company has declared November 19 as ‘Done Day’, the official day to finish Christmas gift shopping with Clearpay and pay it off in four instalments to be clear by the New Year.
A recent study by Clearpay revealed that more than a quarter (28%) of Brits admit they leave Christmas gift shopping to the last minute, which could have saved them an average of £113 (equating to £1 billion*) if they had planned earlier.
Highlights from Clearpay’s survey include:
Get organised to stress less this season: Two thirds of UK adults admit that planning their shopping and finances would mean they buy better presents – whilst more than a third say that planning in advance makes their Christmas more worry free. However, for 14% of consumers Christmas is stressful because they leave shopping to the last minute. One way to relieve some seasonal stress is by shopping before or on Clearpay’s Done Day on November 19 – which means Christmas spending can be paid off by the New Year.
Sentimental shopping: This year, gifts will have a personal touch, as shoppers make up for lost time with loved ones, with nearly half (44%) of Brits agreeing that they will purchase presents that their loved ones really need and want, while 23% will shop locally to support small stores in their community.
Gen Zs are going big: Following a lockdown Christmas last year, there is a buzz in the air for festivities this season, with nearly half (43%) of Brits feeling excited about the holiday period. And it’s Gen Zs who plan to go all out – as nearly two thirds of young consumers want to buy better presents this Christmas to make up for last year, and nearly half plan to go ‘big’ this Christmas with gift purchases.
Plan your spending: While nearly half (45%) of Brits say they would love to spread the cost of gift buying, over a third (34%) admit that they do not budget or save for Christmas. However, nearly half (44%) of UK buyers are considering spending responsibly by using a BNPL service, like Clearpay, to budget for Christmas gifts and help manage their finances.
What we’re spending on gifts in 2021:
The average amount being spent on gifts this year totals £559, with top gift categories based on spend listed below:
|Food and drink gifts||£91|
|Tech and gadgets||£76|
|Beauty and cosmetics||£46|
|Toiletries and wellness||£42|
Clearpay’s UK country manager, Rich Bayer, said: “To ensure a sense of financial wellness this Christmas, there’s still time to get ahead of the game, plan gift purchases and set a budget so that you’re in control. Consumers should take advantage of festive deals that are already available; presenting plentiful opportunities to save money as we get a jump-start on holiday shopping.“
Clearpay is transforming the way customers pay for products with purchases spread over four instalments, always interest-free. The service is completely free for customers who pay on time – helping people spend responsibly without incurring interest, fees or extended debt. Late fees apply for late payment instalments.
Five facts about Clearpay:
- Clearpay does not charge interest
- If a customer misses a payment their account is immediately made unavailable so that he/she cannot accrue more debt or fall into revolving debt
- Clearpay does not report to credit agencies and will not impact a customer’s credit score
- 95% of transactions never incur a late fee
- Almost one-third of customers make the majority of their repayments ahead of time