The growth in online shopping services has given rise to more
trends. One of them is ‘Buy Now Pay Later’ (BNPL). This is becoming
increasingly popular among shoppers. In fact, according to a study, one in five
UK consumers are planning to use this system for their Christmas purchases.
Already, 36 percent of Gen Z have used these facilities this year. This
represents a 60% growth from 2019. With more people trying to spread out the
costs, e-commerce merchants offering this payment option can expect to
see their order numbers growing exponentially by the end of the year. A
financial firm conducted a study among 5000 consumers and it revealed that 22%
of those in the UK plan to pay for their Christmas purchases via this service.
Why this facility? Why are buyers opting for BNPL? More than half
of the respondents, 54% to be exact, advanced that the ability to spread the
costs allows them to manage their finances more efficiently. While Christmas is
about spending time with family and friends, there are a lot of expenses
involved. Some people may not have so much money at one go and while others
might have the necessary funds, the expenses might leave them dry for the month
of January. Thus, BNPL is a way
to ease this financial burden and celebrate.
Photo credit: Mohamed_hassan from Pixabay
Comments
Post a Comment