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“Spend Now Or Save Later? Money Worries Shake Up Holiday Shoppers

As economic uncertainty looms, shoppers have found themselves caught between two paths—tightening their budgets and taking advantage of buy now, pay later options. With the coronavirus pandemic continuing to affect the job market, many consumers are unsure about their financial future and are trying to find ways to manage their money more responsibly. For some shoppers, the uncertainty has meant a significant change in spending habits, with more people opting to save money rather than splurge on luxury items. With fewer disposable incomes, many shoppers are forgoing expensive vacations, eating out and designer fashion in favor of sticking to their budget and spending more thoughtfully. For other consumers, the instability of the job market has instead caused them to be more impulsive with their purchases. With the possibility of a sudden layoff, some shoppers have opted for “buy now, pay later” payment plans that allow them to take advantage of a purchase immediately without paying the full price. These payment systems are available through a range of companies such as Afterpay and are popular among younger shoppers who may not have opposite large sums of money immediately available. Overall, the current economic environment has resulted in a wide variety of spending habits among consumers. With some opting to save and others seeking out new options to buy now and pay later, it is likely that these differing strategies will continue to become more popular as companies continue to experience economic difficulties.