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February 21, 2025

Numerator: Consumers Consider BNLP for Big Ticket Purchase, Some Remain Wary

Posted In: Retail Articles

Market researcher Numerator pointed out that half of shoppers in the United States have made a Buy Now, Pay Later payment but, in a poll of 2,500 BNLP users, found continued wariness about tapping such credit.

Still, U.S. consumers see some utility in BNLP today as they consider purchasing and payment.

At a time when high interest rates are causing some consumers to put off big purchases, BNLP may offer an alternative that could prompt more use. According to Numerator, 72% of U.S. consumers plan to use BNPL in the coming year, especially for home appliances at 32%, furniture and home decor at 32%, and personal travel at 27%. Numerator observed that intent is higher among Gen Z, at 82%, and Millennials, at 77%, reinforcing the notion that BNPL will remain a fixture in the marketplace for younger shoppers. BNPL users already tend to be Gen Z or Millennial multi-cultural, urban families that earn less than $60,000 per year. The main reasons that consumers turn to BNPL are to manage cash flow at 36% and make larger purchases more affordable at 28%.

Consumer BNLP concerns include having to pay interest or late fees at 41%, overspending or exceeding budget at 32% and losing track of payment schedules at 13%.

Although they have tapped BNLP sources to make a purchase, 24% of users often or always feel stressed about upcoming installments, and 14% have missed a payment or faced unexpected fees, Numerator noted. Splitit, Zip, and Sezzle users reported higher rates of missed payments or fees.

Still, those aren’t necessarily the first choice BNLP providers Numerator maintained. BNLP shoppers commonly use fintech institutions such as PayPal, at 43%; Affirm, at 37%; Klarna, at 32%; and Afterpay, at 30%. Just over a quarter of BNLP users transacted through a major bank such as Chase or Citi.

Top categories financed by BNPL included apparel, at 42% of users; electronics and gadgets, at 32%; furniture and home decor, at 26%; and home appliances, at 22%.

From the bigger picture perspective, 48% of U.S. consumers consider BNPL for purchases exceeding $200, while existing BNPL users are 44% more likely than non-users to consider it for items over $100.

Compared to consumers in general, BNPL users are 82% more likely to say they enjoy online shopping, 49% are more likely to research products online, and 42% are more likely to place online orders weekly. In a particular case, Numerator notes, BNPL users are 61% more likely to shop on Shein.

Other findings include:

  • 54% of U.S. consumers deem BNPL somewhat risky, but only 16% consider it very risky, and 30% do not view it as risky at all.
  • 51% of consumers believe BNPL encourages debt accumulation.
  • 50% of consumers want stronger regulations covering BNPL services, especially regarding clearer disclosures, capping fees and stricter credit score checks.
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