‘Buy now, pay later’ (BNPL) – which allows a consumer to make purchases through interest-free installments – reached a new high as well, with BNPL contributing $18.2 billion in U.S online spending – a 9.6% increase over 2023.
Along with remaining the holiday season’s biggest online shopping day, Cyber Monday was also the biggest day on record for BNPL, driving $991.2 million – a 5.5% increase from 2023.
Additionally, mobile shopping has driven BNPL purchases as well, with 79.1% of BNPL purchases being made through a smartphone.
It’s no wonder why BNPL continues to grow in popularity. Amidst a persisting inflationary environment, BNPL will continue to attract the attention of price sensitive consumers that are operating on a limited budget. With the convenience of online shopping, we should expect consumers to be more likely to use interest-free financing options as they continue searching for the best deals online.
