The following report is by ZeroHedge:
Millennials are the most likely among the four generations to resort to financing with credit cards or Buy Now, Pay Later (BNPL) schemes for this year’s Black Friday and Cyber Monday purchases, while only 55 percent of Baby Boomers will likely resort to these tactics to take full advantage of discounts offered by e-commerce platforms and retailers.
This data stems from a Deloitte consumer survey conducted in October 2024.
As Statista’s Florian Zandt details below, among all financing methods surveyed, credit cards were the most popular at 53 percent respondent share.
Despite shoppers planning to stretch their budget either by paying at a later date or shouldering more credit card debt, the survey results suggest that average per-consumer spending will increase to $650 for the period between Thanksgiving Thursday and Cyber Monday.
This spending expectation is seemingly unaffected by the multiple crises like the war in Ukraine and the coronavirus pandemic influencing the world’s economy; since 2019, spending has increased at a compound growth rate of almost ten percent per year.
While annual credit card payments have shot past 50 billion transactions in 2022, schemes like BNPL have only recently become popular. According to Worldpay’s 2024 Global Payments Report, BNPL was utilized for five percent of domestic e-commerce payments in the U.S., up three percentage points from 2020.
Out of the 41 countries and territories surveyed, BNPL was especially popular in Sweden, Germany and Norway with e-commerce purchase shares of 21, 21 and 15 percent. Sweden ranking as highly is unsurprising, since Klarna, one of the premier BNPL providers, was founded in 2005 in Sweden’s capital of Stockholm.
AUTHOR COMMENTARY
Proverbs 21:17 He that loveth pleasure shall be a poor man: he that loveth wine and oil shall not be rich.
This country has a gross spending addiction, though this disease can be easily found around the world these days without fail. We all know it, we all see it, and it has been going on for decades now; after all, this country has been turned into a giant transcontinental strip mall. Americans refuse to stop spending. They are programmed to consume without question. It has become sport to be the biggest loser and failure you can be in the U.S.
Ecclesiastes 6:9 Better is the sight of the eyes than the wandering of the desire: this is also vanity and vexation of spirit.
Another way of describing that proverb is with another: “a bird in the hand is worth two in the bush.” It’s better to have what you have on hand than to desire something for something perceived as greater or better. Americans are constantly programmed through different forms of media and the public school system to lust after things they have no business desiring. But now it has been so thoroughly engrained in people to work, work, work with no real time to themselves, to then spend all this money on useless junk and vanity people didn’t want or need or like the moment they bought it.
This egregious level of covetousness was foretold to occur in the last days.
2 Timothy 3:1 This know also, that in the last days perilous times shall come. [2] For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, [3] Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, [4] Traitors, heady, highminded, lovers of pleasures more than lovers of God; [5] Having a form of godliness, but denying the power thereof: from such turn away.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
wow . . .
I bought a vise for my milling machine, cause I got $75 off because the price was $100 lower than a few years ago, and some other things for my mill, but I used cash(debit card) not credit, will never use credit ever again.
If I don’t stay busy, it’s harder on me then doing some tinkering around. I’m a hands on man, not a researcher/reader man, of which those of you are great at, each of us saved brethren(men and women) are good at different things; of which God has blessed each of us.
1Co 12:22 Nay, much more those members of the body, which seem to be more feeble, are necessary:
1Co 12:23 And those members of the body, which we think to be less honourable, upon these we bestow more abundant honour; and our uncomely parts have more abundant comeliness.
1Co 12:24 For our comely parts have no need: but God hath tempered the body together, having given more abundant honour to that part which lacked:
1Co 12:25 That there should be no schism in the body; but that the members should have the same care one for another.
1Co 12:26 And whether one member suffer, all the members suffer with it; or one member be honoured, all the members rejoice with it.
1Co 12:27 Now ye are the body of Christ, and members in particular.
Shop til you drop…into poverty. Shop til you drop and eat til you pop!
George Carlin was right: this country has been turned into a shopping mall.
The major mall, then the mini-malls, then around those are the mini-marts, and outside of that are the car lots, gas stations, cheap motels, motor lodges, strip clubs, fast food restaurants, and dirty bookstores – so throw in some sex perversion for good measure.
Whoever has the most toys wins is a LIE!
I have one question for ya Andrew, do you shop for anything? just curious. Or just food: not all of us that may spend money on things spend into poverty and stuff ourselves till we pop. And yes I spent money, but I had it and I do buy things that I might not use, but they are tools I need incase I gots to fix sometin.
I get energy drinks, food, gym day passes, cat food, kitty litter, on occasion, a pair of shoes or jeans once in awhile, and other necessities here and there as well as Chick tracts and Crusaders Comics, but not shopping sprees.
There’s nothing wrong with spending money on things you need. If it’s not sin and you have plenty of money in reserve and all your needs met, there’s nothing wrong with spending a little on something you want in and of itself either.
Here is where the issues begin:
When you spend money you don’t have
When you buy things you want and don’t have all your needs met or enough in reserve
When you begin to have too many wants for your own good
When you begin to want things that are sin or can lead to sin
When you have too much to appreciate the extras that you already have, and still want more
When you develop a Me Me Me mentality
When you begin comparing yourselves to others, especially as a source of pride
When you begin expecting extras to be bought regularly, especially often
There is more I could list, but that should give you a good idea that moderation is the key. Unfortunately, so many nations, generations, and individual people hate the very concept of moderation. And it’s not just in spending habits, it’s also in government, food, internet activity, taxes, work, play, pets, clothes, and many many other things people fail to moderate correctly.
Exactly, well said.