Economic Uncertainty Isn’t Stopping Canadians From Planning Major Purchases in 2024, According to New Survey
2024年4月3日 - 10:00PM
ビジネスワイヤ(英語)
New Affirm research finds Canadians are more
confident in their personal finances compared to the overall
economy
Nearly half of Canadians are looking for more
flexible payment options
At a time when many reports seem to indicate that Canadians are
tightening their wallets, a new survey released today from Affirm
(NASDAQ: AFRM), the payment network that empowers consumers and
helps merchants drive growth, found that the vast majority of
Canadians (82%) plan to make a major purchase in the coming
months.
Spending priorities and consumer sentiment differ across age
groups
Affirm’s survey polled 2,000 Canadians on their priorities and
expectations for their personal finances and found stark
differences across age groups. Younger generations were more likely
to plan a major purchase this year, with 94% of Gen Z and 90% of
Millennials planning to do so, compared to 82% of Gen X and 72% of
Baby Boomers.
Vacations were by far the most likely big purchase for Canadians
(45%), followed by a car (25%) and furniture or decor (23%).
Technology (22%) and tickets to an experience (21%), such as a
concert or sporting event, also ended up on consumers’ spending
shortlists to round the top five categories.
High prices cited most often as the top challenge facing
Canadians
More than four in ten (41%) Canadians expect it will be
difficult for them to stay on budget this year, while almost a
quarter (24%) are unsure of their budgets. An overwhelming majority
of these consumers (71%) cited high prices as their biggest
challenge, followed by an uncertain economy (36%), and not having
enough money to make ends meet (31%). The survey found that a
majority of consumers (58%) are looking for greater transparency
from their payment options, and nearly half (48%) want increased
flexibility.
“Canadians are eager for travel experiences but wary of high
prices compromising their budgets,” said Wayne Pommen, Chief
Revenue Officer at Affirm. “Our survey found that 71% of consumers
are looking for ways to be more financially savvy than in years
past, including over how they pay. One way Canadians can take
greater control over their finances is through honest financial
products like Affirm, as we do not charge any late or hidden fees
and enable consumers to pay-over-time at their own pace.”
Canadians are more confident in themselves vs. the economy
and are aiming to be more financially savvy
While only 29% of respondents believe the Canadian economy will
improve over the next 12 months, nearly half of Canadians (45%)
expect their personal financial situation will improve over the
same period.
Younger Canadians were more optimistic about their finances,
according to the survey. Around two in three Gen Z (64%) consumers
and nearly three in five Millennials (59%) believe their finances
will improve over the next 12 months, both of which were roughly
double in comparison to Gen X (37%) and Baby Boomers (31%). Gen Z
(49%) and Millennials (41%) were also significantly more likely to
say their personal financial situations had improved over the prior
year compared to Gen X (26%) and Baby Boomers (25%).
Affirm is integrated at checkout across more than 279,000
retailers including partnerships in Canada with Amazon, Apple,
Samsung, Hudson’s Bay, Browns Shoes and CheapOair. Offering Affirm
at checkout can help merchants increase sales, average order
values, and conversion, while reaching new customers,
responsibly.
Survey methodology
This random double-opt-in survey of 2,000 general population
Canadians was commissioned by Affirm between Feb. 1 and Feb. 5,
2024. It was conducted by market research company OnePoll, whose
team members are members of the Market Research Society and have
corporate membership to the American Association for Public Opinion
Research (AAPOR) and the European Society for Opinion and Marketing
Research (ESOMAR).
About Affirm
Affirm’s mission is to deliver honest financial products that
improve lives. By building a new kind of payment network – one
based on trust, transparency and putting people first – we empower
millions of consumers to spend and save responsibly, and give
thousands of businesses the tools to fuel growth. Unlike most
credit cards and other pay-over-time options, we show consumers
exactly what they will pay up front, never increase that amount,
and never charge any late or hidden fees. Follow Affirm on social
media: LinkedIn | Instagram | Facebook | X.
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Press Affirm Nicholas Fisher press@affirm.com
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