London-based BNPL travel agency Butter, founded in 2017 and now counts more than 100 000 customers, recently published some data from the survey about plans to spread the costs during Christmas shopping.
The data was gathered from about 5000 respondents, and according to the results, more than every fifth customer (22%) is going to use BNPL (Buy Now Pay Later) services. Most of them (54%) mentioned that spreading the spent costs allows them to manage their finances better. Also, about 40% said that using BNPL services increases the quality or quantity of the purchases.
As for the items purchased, the most popular category is food. The second mentioned most popular purchase category is clothing. Other popular types include home goods, entertainment, and tech goods.
Some additional information is available from the research created by the credit reference agency Equifax. The data was gathered using more than 8700 accounts using open banking and survey with 2000 customer interviews.
According to this data, the number of people using BNPL services grew from 23% in December 2020 to 28% in October 2021, meaning that currently, more than 2.6 million people started using such services.
According to the data, 21% of people aged from 18 to 35 are using such payment methods to decrease the financial load caused by the holidays. As for other categories – only 8% of people aged from 35 to 44 and just 2% of people aged over 55 are using BNPL to buy products during Christmas.