In what is arguably the first holiday season with buy now, pay later as a “mainstream” payment option, new research reveals many Americans consider it a gift. According to a study by GoCardless, a global fintech for account-to-account payments, 42% of shoppers plan to use it during the festive period, rising to 60% of millennials. Clothing tops the list as the most popular item for buy now, pay later, chosen by 39% of the respondents, followed by computers and laptops (33%) and games consoles such as the PlayStation and Xbox (32%).
Buy Now, Pay Later Could Help Businesses and Consumers
Buy now, pay later could provide a big boost to businesses during the holidays. A third (32%) of shoppers say they’re willing to spend up to $99 more if buy now, pay later was available, with a quarter (26%) indicating they would spend as much as $200 more.
In what has been a hard year for everyone, 42% of consumers say they want to use buy now, pay later this holiday season to treat a loved one with something they could not usually afford. Meanwhile, 33% admit it’s because their finances are rocky from the pandemic, though they will be healthier in the new year.
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