Study Shows Buy Now Pay Later Usage Is Higher Amid Economic Concerns
... [+]The current economic uncertainty and inflationary pressures in non-discretionary spending categories are prompting consumers to delay purchase payments by leveraging buy now pay later options . Categories that have shown increased demand in BNPL purchases include groceries and home furnishings. In the first two months of 2023, online groceries’ share of BNPL orders grew a staggering 40%, while home furnishings grew by 38%.
In 2022, consumers spent over $126 billion on home furnishings, a 10.2% increase year-over-year , and the trend going into February has held, with the merchandise category up 12.9%. “I would theorize that grocery and furniture likely became more popular online purchases during the pandemic and as people have adjusted to the ease and convenience of getting groceries and furniture straight to their front door.
“Our average order values have been steady and have recently shown a slight increase throughout the past few months in the throes of the economy. This could also be less due to people buying more, but instead people allocating BNPL/Sezzle payment option to a larger portion of their purchases,” said Youakim.
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