Report: US Shoppers Regret Using BNPL During Holiday Spending Sprees

https://thefintechtimes.com/report-us-shoppers-regret-using-bnpl-during-holiday-spending-sprees/
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Almost half of US shoppers surveyed in a consumer poll regretted making purchases with buy now, pay later options during holiday shopping season last year.

The study by DealAid.org reveals that 13.7 per cent of consumers plan to use buy now, pay later (BNPL) to finance their purchases during holiday shopping season in 2021. That’s a slight increase on the 12.8 per cent figure in 2020.

On average, consumers plan to spend $279 on purchases using BNPL during holiday shopping season in 2021 – that’s a rise of 7.3 per cent in comparison to 2020. Yet 46.2 per cent of consumers regretted making purchases with BNPL during 2020 holiday shopping season.

To find out how shopping behaviour has shifted in the second year of the Covid-19 pandemic, Dealaid.org grilled 1,060 American consumers on where, when and how they plan to shop in Q4 of 2021. The Holiday Shopping In The Second Year Of COVID-19 Pandemic report reveals that 80.8 per cent of consumers will continue to shop more online during holiday season in 2021 due to the virus.

Key findings of the report:
  • 45.3 per cent named the pandemic as one of the biggest worries about shopping during holiday season 2021. Other concerns included prices (51 per cent), in stock availability of items (45.3 per cent), shipping times (40.6 per cent) and availability of personal funds (31.3 per cent
  • 94.2 per cent of consumers plan to shop online during the 2021 holiday shopping season
  • On average, consumers plan to spend $670 online during the 2021 holiday shopping season
Payment choices

Sixty-six per cent of consumers plan to use their credit cards to pay for products online during holiday shopping season 2021, while 45 per cent plan to use their debit card. A quarter of consumers plan to use PayPal to pay for products in-store.

https://thefintechtimes.com/report-us-shoppers-regret-using-bnpl-during-holiday-spending-sprees/