Offering deals, flexible payment options, and safety will be key to Canadian retailer success in 2021
Sunday, January 24, 2021 12:00:00 PM
- New PayBright consumer report reveals that offering deals, flexible payment options, and safety will be key to Canadian retailer success in 2021. -
A new report, The 2021 Canadian Consumer Trends Guide: Reimagining Retail and E-tail Beyond the Pandemic, predicts e-commerce retailers offering increased value and diverse payment options will attract the attention of Canadian shoppers this year.
Published by PayBright, one of Canada's leading providers of installment payment plans, the report is designed for retailers seeking to understand and anticipate consumer behaviour in 2021, and make concrete, data-informed business decisions. This is especially crucial as Canadians gain access to vaccines and look ahead to living (and shopping) in a post-pandemic world.
The inaugural report is informed by a PayBright-sponsored survey of 2,500 Canadians across all regions, conducted in October of 2020. From their candid responses emerged several actionable insights into:
- The products Canadians will be shopping for;
- The payment options Canadians will want and expect;
- Canadians' preferred channels (in-store or online);
- The major motivators accelerating consumers' purchasing decisions; and
- The psychology behind spending in a mid-and post-vaccine world.
PayBright's 24-page consumer report reveals dozens of key insights that will help Canadian retailers make actionable business decisions this year, including the following:
1. Canadians are most looking forward to travel, socializing, and serenity in a post-pandemic world
PayBright asked Canadians what they were most looking forward to post-pandemic, finding that spending time with family (56%); peace of mind (55%); and travelling (54%) topped the list for respondents. The report also found that nearly half of Canadians will likely invest in social activities (40%); mental health and well-being (38%); physical health (37%); financial preparedness and savings (34%); and home improvement (23%) this year.
2. With deals and sales top of mind, Canadians are planning to lower their budgets and spend with more scrutiny in 2021
Nearly 40% of Canadians are lowering their intended budget for 2021 for several reasons, including spending less in general (38%); a COVID-specific change to their financial status (24%); a dedication to paying off current debts (17%); and a weariness around shopping during a pandemic (14%).
3. Canadians want and expect a buy-now-pay-later option like PayBright when they reach checkout in 2021, regardless of the channels on which they shop
While a popular option across age groups, in particular, Millennials and Gen Z-ers overwhelmingly want and expect diverse payment options when shopping online in 2021, with 65% of 35- to 44-year-olds, 64% of 25- to 34-year-olds, and 61% of 18- to -24 year-olds indicating it is an important purchase driver.
"At the start of another unprecedented year, PayBright is continuing to help prepare retailers to meet the ever-changing needs and circumstances of Canadians in 2021," says Wayne Pommen, Senior Vice President of PayBright, an Affirm company. "We are thrilled to launch this annual report and give merchants the freshest and most accurate data available for them to make actionable insights that will help them thrive during these otherwise unpredictable times."