Adobe’s research builds upon previous reports indicating that consumers might lean on buy now, pay later services to stretch their holiday budgets. Adobe predicts that shoppers will spend $782 million via BNPL on Cyber Monday, exceeding the $658 million spent on Cyber Monday last year. One in five respondents to Adobe’s survey said they plan to use BNPL to purchase gifts this holiday season.
“Despite an unpredictable economic environment, where consumers face several challenges including rising interest rates, we expect strong e-commerce growth this season on account of record discounts and flexible payment methods,” Patrick Brown, vice president of growth marketing at Adobe, said in a statement.
