Survey Reveals BNPL Shoppers are Redefining Bargain Hunting and Have No Store Loyalty
At a Glance
Move over, Black Friday. Buy Now, Pay Later shoppers are redefining bargain hunting this holiday season, reveals new Credello data.
Credello recently conducted an online survey in collaboration with Pollfish and gathered 1,000 responses from men and women aged 18 and over who plan to use BNPL for holiday shopping. The results revealed a surprising trend among BNPL shoppers: They care more about being able to finance their purchases with BNPL than shopping at a specific retailer.
Blame it on high inflation and the rising cost of living – this holiday season is shaping up to be quite expensive. There are also generational factors at play, with Millennials and Gen Zers favoring BNPL more than older bargain-hunters.
Here are some key takeaways from Credello’s 2022 survey on BNPL and holiday shopping:
- 43% of BNPL shoppers will use BNPL apps such as Klarna to find stores and offers this holiday season
- 23% of BNPL shoppers strongly agree that if a store or online shop doesn’t offer BNPL, they would be less likely to shop with them
- 40% of BNPL shoppers plan to use the payment method for most of their holiday shopping
- 31% of BNPL shoppers agree that they would be willing to extend their budget for a specific purchase if BNPL is available
- Younger age groups have more BNPL loyalty while older respondents still turn to specific stores for their holiday shopping
Forget the brand, this is the top concern for BNPL shoppers
Long gone are the days when people would wait for a favorite store to announce markdowns to pull the trigger on buying a gift. Shoppers are now turning to BNPL apps such as Klarna to find stores and offers – 43% of BNPL shoppers will look to shop that way this holiday season.
In other words, BNPL holiday shoppers don’t care about specific brands as much as whether they can use BNPL to pay for their purchases.
Store loyalty is not a factor as long as they have BNPL
Credello’s survey data also revealed that this lack of store loyalty is especially true for younger generations.
For Gen Zers and Millennials, BNPL is the driving force behind their choice of retailer. For older respondents, shopping at a specific store is still the most important deciding factor – they’ll then use whatever BNPL platform the retailer provides to complete their purchase.
Twenty three percent of BNPL shoppers strongly agree that if a store or online shop doesn’t offer BNPL, they would be less likely to shop with them. Interestingly, 21% women disagreed versus 9% of men that if a store didn’t offer BNPL they wouldn’t shop there. Other fun fact: Male BNPL shoppers relied on the financing option to buy premium gifts for themselves more than women – 59% of men would treat themselves with BNPL this holiday season compared to 37% of women.
They aren’t all grinches!
That doesn’t mean people aren’t buying gifts for their loved ones. Forty percent of BNPL shoppers plan to use the payment method for most of their holiday shopping, and 83% of respondents will be using their BNPL holiday budget to shop for gifts for others.
That BNPL checkout option comes in handy to cover other holiday expenses, too. 50% of respondents will use it to buy clothing, 23% of them are looking to improve their homes with it, and 26% of them will be relying on BNPL for a holiday party or for entertaining guests. Not that surprising considering in-person celebrations seem to be back in full swing.
It’s also notable that 21% of BNPL fans will be using it to travel, and 18- to 24-year-olds were more inclined to finance travel, home improvements and holiday parties than older age groups. Travel prices are astronomically high right now, after all. And those younger respondents may be onto something when it comes to favoring experiences over items.
The downside of BNPL/Fear of overspending with BNPL
While the survey revealed a clear enthusiasm for BNPL, it also showed some downsides and concerns. Nearly 50% of BNPL shoppers are worried that they would spend more with BNPL than they normally would, and that worry increases with age.
It’s easy to go overboard: 31% of BNPL shoppers agree that they would be willing to extend their budget for a specific purchase if BNPL is available, so that fear of overspending is legitimate.
If you think you’ll need credit to finance your holiday purchases and are concerned about overspending with BNPL, there are other options. A loan can help you round out your budget – and if you make your loan payments on time, it can improve your credit score (BNPL won’t).
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