Marqeta Data: BNPL Surges 28% from Cyber to Christmas 2023

While Thanksgiving weekend beat expectations for consumer spending, data from Marqeta, the global card issuing platform powering BNPL pioneers such as Klarna, Affirm, Afterpay, Sezzle and Zip, saw consumers turn to flexible payment options throughout December, citing a 28% increase in BNPL spending the week before Christmas compared to the week before Cyber Monday in 2023. 

Consumers spread out their holiday spending with BNPL 

BNPL is no longer reserved for specific categories or amounts, with more consumers turning to BNPL and flexible payment options to help with both gifts and also restaurant/bar spending this holiday season, as consumers continued to spend into the second half of December. 

• Marqeta found that restaurant and bar spending via BNPL has grown tremendously since last year – up 45% for the second half of December 2023 compared to the same period last year. 

• Additionally, discretionary spending including electronics, jewelry and sporting goods via BNPL is up 25% from the first half of December to the second half of 2023.  

Planes, trains and automobiles – travelers on the move thanks to BNPL 

According to AAA, an estimated 115.2 million Americans traveled over the 10-day year-end holiday travel period from December 23, 2023, to New Year’s Day, up 2.2% from last year, and airlines braced for more than 39 million flyers during this period, up 39% from last year. 

• Marqeta’s data also found that consumers are turning to BNPL to cover travel costs, with BNPL spending on air travel the second half of December up 37% year-over-year, and road trips (including train and bus) were up 21% year-over-year.