March 25 2024- “Buy now, pay later” (BNPL) services are gaining popularity among consumers, especially those aged 35 and under, who make up 53% of BNPL users but only 35% of traditional credit card holders. These users are increasingly utilizing BNPL services not just for luxury items but also for everyday purchases like groceries and furniture. Apparel and accessories were the top categories for millennial and Gen Z BNPL users in 2021, but in the following year, they were surpassed by categories like arts, travel, entertainment, home and garden, and hardware according to data from Afterpay.
‘Buy now, pay later’ goes from niche to normal as young people use it for daily essentials
Updated on March 25, 2024