Global News and Digital
Insights for the Food and Grocery Industry

Rise of Buy Now, Pay Later: Young consumers embrace installment plans for everyday essentials

Young consumers increasingly turn to “buy now, pay later” (BNPL) services for everyday purchases like groceries and essentials, shifting from their traditional use for luxury items. Millennials and Gen Z comprise the majority of BNPL users, according to LexisNexis Risk Solutions. The trend reflects the growing acceptance of installment loans as a routine financial tool among younger demographics. Services like Afterpay witness a surge in staple purchases among their youngest users, indicating a broader adoption of BNPL for essential items. Despite concerns about potential overspending, many users view BNPL as a convenient way to manage finances without accruing credit card interest. As BNPL services continue to expand their reach, they offer consumers choice, convenience, and flexibility in managing their expenses.

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