{"id":127258,"date":"2022-06-27T09:15:22","date_gmt":"2022-06-27T13:15:22","guid":{"rendered":"https:\/\/valorguardians.com\/blog\/?p=127258"},"modified":"2022-06-26T14:20:38","modified_gmt":"2022-06-26T18:20:38","slug":"younger-generations-not-deterred-by-buy-now-pay-later-despite-inflation","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=127258","title":{"rendered":"Younger generations not deterred by “Buy Now Pay Later” despite inflation"},"content":{"rendered":"

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The inflationary economic environment does not appear to have discouraged a percentage of Millennials and Generation Z from “Buy Now Pay Later” (BNPL). In a survey conducted on consumers, just over 51% indicated that they did not want additional debt in an inflationary environment. However, 41% of those 18 to 35, and 12% of those over 55, responded that they would likely use these services.<\/p>\n

From Fox Business:<\/span><\/strong><\/p>\n

However, 41% of those between the ages of 18 and 34 said they’d likely use BNPL services for household purchases. That’s compared to just 12% of older Americans, aged 55 and up, who said they’d be willing to do the same.<\/p>\n

“Of the group that has used BNPL, 25% are already planning to use the service to help pay for household essentials that have risen in cost as a result of inflation,” the survey stated.<\/p>\n

Younger generation taking more risks with BNPL, Trustpilot says<\/span><\/strong><\/p>\n

BNPL providers — including popular providers like Affirm, Klarna and Paypal — partner with retailers to allow shoppers to split the cost of their online purchases into multiple installments at checkout. These interest-free payments are then generally due within a few weeks after the time of purchase. Missed payments, though, can result in late fees and other penalties.<\/p>\n

Trustpilot’s survey shows that younger generations are more likely use these BNPL options despite potential pitfalls, like fraud. Specifically, research from fraud prevention company Callsign found that 14% of consumers surveyed have fallen victim to fraud by way of BNPL — this occurred by signing up for fake accounts accidentally, getting hacked and not changing an account password.<\/p>\n

When it comes to both luxury and essential purchases, those of younger ages are more likely to take advantage of BNPL to afford them. The survey found that 45% of consumers between the ages of 18 and 34 were likely to use such services for basic essentials, and 54% would for luxury items. For those between the ages of 34 and 54, those results were 33% and 38%, respectively. Finally, for people aged 55 and up, the results were 16% and 24%.<\/p><\/blockquote>\n

Fox Business has additional information on this survey<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The inflationary economic environment does not appear to have discouraged a percentage of Millennials and Generation … Younger generations not deterred by “Buy Now Pay Later” despite inflation<\/span>Read more<\/a><\/p>\n","protected":false},"author":661,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-127258","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/127258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127258"}],"version-history":[{"count":0,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/127258\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}