JERSEY CITY, N.J.–Shoppers using buy now, pay later (BNPL) financing are “redefining bargain hunting” this holiday season, according to a new survey.
Credello, a personal finance website, said it collaborated with Pollfish to survey 1,000 people aged 18 and over who plan to use BNPL for holiday shopping and found a “surprising trend” among BNPL shoppers: They care more about being able to finance their purchases with BNPL than shopping at a specific retailer.
“Blame it on high inflation and the rising cost of living – this holiday season is shaping up to be quite expensive,” Credello said. “There are also generational factors at play, with Millennials and Gen Zers favoring BNPL more than older bargain-hunters.”
Among the key takeaways from Credello’s 2022 survey on BNPL and holiday shopping:
- 43% of BNPL shoppers will use BNPL apps such as Klarna to find stores and offers this holiday season
- 23% of BNPL shoppers strongly agree that if a store or online shop doesn’t offer BNPL, they would be less likely to shop with them
- 40% of BNPL shoppers plan to use the payment method for most of their holiday shopping
- 31% of BNPL shoppers agree that they would be willing to extend their budget for a specific purchase if BNPL is available
- Younger age groups have more BNPL loyalty while older respondents still turn to specific stores for their holiday shopping
For the full survey results, go here.
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