Buy Now Pay Later services are becoming increasingly popular, as the cost of living crisis pushes more consumers to resort to credit, according to a new report from McKinsey & Company.
The research reveals that nearly one in five, 19%, of UK consumers intend to use more BNPL options in the coming months, compared to 15% when asked in April 2022. This is highest amongst millennials at 30% and Gen Z at 26%.
In addition, 43% of consumers feel pessimistic about the UK’s current economic state, with sentiment more negative today than during the Covid lockdowns in March and November 2020.
