Affirm survey reveals consumer trends ahead of 2024 holiday season

Affirm Holdings, Inc. recently conducted a survey involving 2,000 Americans to assess consumer shopping behaviors ahead of the 2024 holiday season. The findings revealed that 48% of respondents are influenced by the availability of 0% APR options when making purchasing decisions. The survey highlighted that consumers appreciate the benefits of 0% APR, with 28% citing savings on interest costs, 19% indicating the ability to afford larger purchases, and 17% noting easier budgeting. The survey also indicated that 70% of Americans feel more confident in managing their finances compared to the previous year, despite ongoing macroeconomic concerns. This growing confidence may contribute to a shift in consumer behavior, with 42%, 28%, and 25% of respondents viewing 0% APR offers as suitable for purchasing furniture or appliances, electronics, and everyday items, respectively. Max Levchin, CEO of Affirm, discussed the company's evolution during a recent conference, emphasizing its transition from a buy now, pay later service to a comprehensive payments company. He expressed the goal of positioning Affirm as a modern alternative to American Express, focusing on a pro-consumer approach. Looking ahead, Affirm aims to leverage artificial intelligence to enhance productivity and expand its merchant network. The company has raised its outlook for fiscal 2025, projecting a gross merchandise volume exceeding $33.5 billion, indicating strong confidence in its future growth and profitability prospects.