More consumers want to buy now, pay later

Consumers are embracing the buy now, pay later payment approach and those with an annual household income of $100,000 or more are very likely to finance necessary services with BNPL in the next six months.

That's a prime finding of a Harris Poll survey commissioned by Sunbit.

Additional findings include:

• 69% of U.S. consumers report an interest in BNPL for necessary services.
• Current inflation is creating feelings of diminished buying power for about eight out of 10 U.S. consumers (81%).
• Nearly four in five U.S. consumers (79%) plan to cut back on "wants" to better save funds for necessities in the coming months in anticipation of prices of goods/services continuing to rise.
• More than two-thirds of U.S. consumers (67%) have delayed necessary services or purchases due to inflation. Top items being delayed include home repairs (27%), dental work (27%), car purchases (26%), and car repairs (20%).
• Younger generations are more likely to report delays in necessary services/purchases than older generations (82% of Gen Z ages 18–25 and 80% of Millennials ages 25–41 versus 69% of Gen X ages 42–57 and 51% of Boomers ages 58–76).