Spending insights: Shoppers use BNPL to regularly purchase things they can’t afford When it comes to spending money on loved ones, the data showed that not everyone is able to afford making that special purchase without spreading the cost, with almost one in five (19%) of those surveyed using BNPL services to pay for gifts for birthdays, special events and Christmas. Whilst only 7% of those surveyed stated they use BNPL to pay a bill or a monthly outgoing, it was predominantly millennials who said they use it for this type of expense (71%). The survey also identified an emerging trend of respondents using BNPL services to pay for household bills and, rather alarmingly, was also (by 5% of people) being used to pay for gambling. Of those respondents using BNPL to pay for food and drink Millennials were found to be the biggest cohort in this category, making up a whopping 84% of all respondents. The survey also identified that consumers were using BNPL to pay for food, drink and household essentials, with just over 14% stating they’d used them as a payment method to pay for these items.
Other main purchases through BNPL included pet food, holidays and children’s toys.
While health and beauty products came second at just over a quarter (26%). When asked what is most commonly purchased using BNPL, clothing and footwear were the most popular amongst respondents (62%). Purchase Insights: What are Brits buying using BNPL? When asked which BNPL platforms they use currently or have used in the past, the Top 5 answers collected found that: More than 17 million consumers in the UK have used a BNPL service due to the cost of living crisis having an impact on the amount of disposable income people have available.
16% of those surveyed use BNPL in store when shopping.12% of respondents use BNPL at least once a week.The survey looked at the most common products and services bought using BNPL, as well as looking at the subject of debt and whether consumers have ever got themselves into financial difficulty as a result of using BNPL services. With BNPL becoming more prevalent, we commissioned a survey to find out more about how consumers use these services and their spending habits. But as BNPL becomes an ever more popular payment method for consumers struggling with the cost of living, it’s likely we’ll see an accompanying rise in the number of people getting into financial difficulty as a result. “Buy Now, Pay Later” (BNPL) is a form of short-term credit that allows consumers to make a purchase and then split the cost into multiple smaller payments and/or pay for the item at a later date.īNPL services, which are most often offered at checkout stage when shopping online or in-person are available for a range of products such as clothing, groceries, electronics and even online gambling.
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