Payments

More consumers choosing buy now, pay later option

Adobe Stock

April 12, 2023

An increasing number of consumers in 2022 chose the buy now, pay later option, according to Adobe Analytics data, and the trend appears to be continuing this year.

In 2022, the share of online purchases using BNPL grew by 14% year-over-year. In the first two months of 2023, BNPL order share was up by 10% YoY, according to a press release.

Adobe looked at BNPL usage across major categories including groceries, home furnishings, apparel and electronics. In the first two months of 2023, groceries' share of BNPL orders grew 40%, while home furnishings grew by 38%.

In 2022, consumers spent over $126 billion on home furnishings, a 10.2% increase year-over-year, as well as $86.8 billion on groceries, a 10.8% increase YoY.

In February 2023, the home furnishings category grew 12.9% YoY, driving $9.4 billion in spending for the month. Groceries grew even more substantially at 26.7% YoY, driving $8.4 billion in spending.

"E-commerce demand has remained resilient in an uncertain economic environment, driven in part by lasting pandemic habits where consumers had no choice but to leverage online food and home furnishing shopping services," Vivek Pandya, lead analyst, Adobe Digital Insights, said in the release. "Now consumers have embraced the rich e-commerce experiences that made them feel comfortable getting these necessities delivered to their doorsteps, making these categories new growth drivers in the digital economy."