What began for many as a way to pay for concert tickets and vacations is becoming an ordinary tool that Gen Z and millennial shoppers use for food, contact lenses and trash bags.
by J.J. McCorvey
NBC News
Buying now and paying later is still a popular way to splurge on airfare to Cabo. It’s an increasingly common way to buy groceries and lawn furniture, too.
Consumers ages 35 and under comprise 53% of “buy now, pay later” users but just 35% of traditional credit card holders, according to LexisNexis Risk Solutions. Many of those core “BNPL” borrowers have grown so comfortable using the installment loans for just-out-of-reach luxuries that they’re putting more everyday purchases on them as well.
Apparel and accessories were the most popular product category among millennial (ages 30-44) and Gen Z (18-29) users of the BNPL provider Afterpay in 2021 and 2022.