According to Afterpay, almost 70% of Millennials are using credit cards less as a result of buy now pay later services. Their spending priorities have also shifted, delaying house purchases, for example, in favour of investing in education, health and lifestyle.
One brand that's reaping the rewards of this new way of spending is LUMA Beauty, which has revealed its online sales have increased by a staggering 244%. The brand has also seen a 47.4% increase in visits to its website and over 85% increase in the sale conversion rate from those visits since collaborating with Afterpay.
The start-up, that has seen phenomenal success at home and abroad, reports that more than ten per cent of all online sales in Australia are now processed through the service.
Australian supermodel and LUMA Beauty founder, Jessica Hart says of the recent results: “I think it’s so important that LUMA Beauty continually evolves and moves with the times in this modern and technological world, which is why we wanted to collaborate with Afterpay. The partnership has made it more accessible and easier for our customers to buy our products online.”
Afterpay has been embraced by numerous beauty brands including the likes of KKW Beauty, whose founder, Kim Kardashian West, recently endorsed the payment platform on her brand's social platforms.