Read: 1507
BLOG - JUNE 30, 2024
Agusto Alarco
Senior Director of Client Experience at Comscore
As the global financial climate shifts and the cost of debt escalates, the Buy Now Pay Later BNPL industry experiences a rapid growth spurt. provides an in-depth overview of BNPL's impressive market expansion during the pandemic period, highlighting its robust consumer base with stable engagement and satisfaction rates.
Inflationary pressures and elevated interest rates create a fertile ground for BNPL services to flourish, enabling consumers to manage large purchases more affordably. Despite these challenges, third-party BNPL solutions have shown resilience through their ability to help consumers overcome temporary financial constrnts.
The surge in popularity is bolstered by the growing preference among consumers who are increasingly seeing value in BNPL offerings and are becoming less sensitive about paying interest. This reflects a progressive attitude towards utilizing debt for essential purchases without shouldering high interest rates, which parallels sentiments seen in traditional financing options.
With an expanding user base that includes frequent return customers, BNPL solutions are witnessing growing loyalty and satisfaction levelsup to 80 of users reporting satisfaction with their chosen service, with nearly half 52 expressing extreme satisfaction. This positive feedback indicates strong confidence in the practicality of these services, their attractive terms, enhanced customer engagement, and overall value proposition.
The ability for consumers to avoid interest payments was once a leading appeal but has seen a slight decrease over the past two years. However, the opportunity to purchase items now without having the full amount saved remns highly valued by consumers 59 of users. This suggests that BNPL solutions are not only about avoiding debt but also facilitating access to desired products.
The BNPL market's trajectory is promising, with its potential for continued growth beyond its core Pay-in-4 product offering. However, the industry faces challenges such as an increasing risk of defaults due to worsening economic outlooks. Yet, this has not deterred its upward trajectory in acquiring a loyal customer base that now sees BNPL services as practical and advantageous solutions.
To delve deeper into the subject of BNPL, please contact our team at contact link.
Sources
Based on analysis of total unduplicated BNPL users across desktops, smartphones, and tablets from Comscore's MMX Multi-Platform report for 2023.
Survey data indicating levels of interest in Buy Now Pay Later installment plans among consumers.
Definitions for Splitpay four bi-weekly interest-free installments and Installments as monthly interest-bearing payments or promotional loans with zero APR.
Observations from Comscore's ecommerce activity for 2023.
Satisfied consumer feedback on BNPL providers, rated using a seven-point scale.
Averaging customer responses regarding the appeal of BNPL features such as avoiding interest and purchasing items without immediate full payment.
For more information or to join our community discussions about BNPL trs, please visit additional resources link.
Please sign up today for Comscore's newsletter to receive updates on Proximic news, insights, and events strght in your inbox!
SUBSCRIBE
This article is reproduced from: https://www.comscore.com/Insights/Blog/BNPL-Booms-as-Debt-Costs-Soar
Please indicate when reprinting from: https://www.669t.com/Loan_credit_card/BNPL_Insight_Growth_Surge.html
Buy Now Pay Later Industry Growth BNPL Market Expansion Post Pandemic Consumer Affordability with BNPL Solutions Resilience of Third Party BNPL Services Growing Popularity of Debt Free Purchases High Satisfaction Levels in BNPL Users