HomeInvesting NewsUnlocking the Secrets of Affirm's Summer Spending Trend Report 2022

Unlocking the Secrets of Affirm’s Summer Spending Trend Report 2022

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Affirm Holdings, Inc. (NASDAQ:AFRM)

Recent data on consumer spending trends for the summer of 2022 published by Affirm Holdings, Inc. (NASDAQ:AFRM) uncovered a rising enthusiasm for vacation. According to the payments solution provider, travel occupied the second slot on the top spending list, while furniture and homewares occupied the third spot. The fourth spot on the list was occupied by apparel.

Affirm Holdings, Inc. (NASDAQ:AFRM) demand growth is being helped by rising inflation because customers are increasingly dependent on the company’s payment solutions to pay for goods and services that have increased in price. In addition, the loosening of rules regarding COVID led to an increase in the number of occasions on which people went out with their friends, which led to a rise in the amount of money spent on flights. The total sum spent on flights during the summer of 2022 increased by five years, while the amount spent on hotels increased by more than 100%.

This summer, Affirm Holdings, Inc. (NASDAQ:AFRM) customers spent an average of $1,560 on house rental purchases, while overall expenditure on luggage and leather goods increased by 60% compared to the previous summer. The typical amount spent on pet food and supplies was over $300, while the typical amount spent on clothing for children was close to $180. Additionally, there was a noticeable rise in the amount spent on weddings.

The rise in spending can be attributed to the increased transaction volumes experienced by payment companies. Affirm Holdings, Inc. (NASDAQ:AFRM) net sales increased by 39.1% year over year to $364.1 million in the most recent quarter, which was reported due to an increase in the number of transactions, income from services, and merchant expansion. The number of actively trading merchants rose from 29,000 to 235,000, while the value of gross merchandise traded climbed by 77% to $4.4 billion. The total number of transactions, which was recorded at 12 million, increased by 139% compared to the previous quarter.

Companies such as Affirm Holdings, Inc. (NASDAQ:AFRM) are anticipated to gain from increased transaction volumes in future quarters due to an increasing dependence on BNPL and other services of a similar nature due to rising inflation.

Shares of Affirm Holdings, Inc. (NASDAQ:AFRM) have climbed by 8.8% over the previous three months, in contrast to the 3.4% decline in the industry to which it belongs.

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