Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American PaymentsInsights – Buy Now Pay Later
Younger Adults Are More Likely to Get Multiple BNPL Loan Offers:
- Younger people are more likely to receive a higher number of loan offers than older adults.
- More loan offers translates to younger people having the opportunity to be more selective in their borrowing.
- 33% of borrowers ages 18-24 have received just one loan offering.
- In comparison, 57% of borrowers ages 65+ have received just one loan offering.
- 18% of borrowers ages 18-24 received more than 3 loan offerings.
- In comparison, just 5% of borrowers ages 65+ received more than 3 loan offerings.
Mercator Advisory Group has released a new primary research report titled 2021 North American PaymentsInsights – Buy Now Pay Later, summarizing the findings from the BNPL and short-term financing sections of the semi-annual North American PaymentsInsights survey of 3,001 U.S-based adults. The report aims to highlight and analyze consumer behaviors, preferences, and motivations as they relate to the rapidly expanding range of point-of-sale financing products. Readers will be presented with a detailed analysis of the impact of demographic characteristics on consumer behaviors and inclinations, general consumer trends, as well as actionable recommendations for industry players.
“The rise of buy now, pay later financing and short-term loans has implications for the consumer credit space as a whole, particularly credit card networks and issuers that have long dominated the industry. With interest rates at record lows, accelerated adoption of online shopping over the past 12 months, and high consumer satisfaction – the conditions have never been better for the reimagining of consumer credit,” stated Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.