NEW YORK— A new report has found 8% of consumers have now used buy now, pay later credit financing for online purchases in the last year, doubling the increase since 2021.
A YouGov report finds that Americans across every generation have increased adoption of BNPL since 2021, Payments Dive reported.
Millennials represented the largest growth segment, increasing by 91%.
Meanwhile, online credit card usage among U.S. Millennials has dropped by 4% during the same period, Payments Dive stated in its analysis.
The report also identifies that among U.S. BNPL users, 49% have less than $1,000 saved versus 30% of the general population.
Additional Findings
Additional findings include:
- 74% agree with the statement “I wish all stores had user friendly apps to make it easy to buy things from my phone”
- 26% have purchased jewelry online (vs. 12% credit card users)
- 25% have purchased appliances online (vs 11%), and 23% have purchased mattresses online (vs 16%)
‘Trust Issues’
“Millennials may have trust issues after first getting exposed to the financial industry around the 2008 subprime mortgage crisis,” said Ryan Gmerek, VP at YouGov America. “It's not surprising to see that they are more willing than other generations, even Gen Z, to embrace challenger financial brands and business models like BNPL.”
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