Consumer Behavior

More consumers want to buy now, pay later

Photo by istock.com

May 25, 2022

Consumers are embracing the buy now, pay later payment approach and those with an annual household income of $100,000 or more are very likely to finance necessary services with BNPL in the next six months.

That's a prime finding of a Harris Poll survey commissioned by Sunbit.

Additional findings include:

• 69% of U.S. consumers report an interest in BNPL for necessary services.
• Current inflation is creating feelings of diminished buying power for about eight out of 10 U.S. consumers (81%).
• Nearly four in five U.S. consumers (79%) plan to cut back on "wants" to better save funds for necessities in the coming months in anticipation of prices of goods/services continuing to rise.
• More than two-thirds of U.S. consumers (67%) have delayed necessary services or purchases due to inflation. Top items being delayed include home repairs (27%), dental work (27%), car purchases (26%), and car repairs (20%).
• Younger generations are more likely to report delays in necessary services/purchases than older generations (82% of Gen Z ages 18–25 and 80% of Millennials ages 25–41 versus 69% of Gen X ages 42–57 and 51% of Boomers ages 58–76).