Consumers regret using buy now-pay later

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 31, 2021, 11:48 AM UTC

C + R Research’s surveyed 2,005 online consumer found that 57% of consumers using the buy now pay-later regret the service, due to the product’s cost.

Despite the fact more than 50% of consumers regret purchasing something under buy now-pay later, 60% of consumers purchase products using the policy. 51% of consumers used the policy amid the pandemic and 59% bought needless products they couldn't afford because of buy now-pay later deals.

Most commonly purchased products in such manner are clothing (47%) and electronics (44%). Further, 38% of consumers believe that buy now-pay later services will ultimately replace credit cards.

In addition, consumers (56%) prefer buy now pay-later over credit cards. Small businesses providing buy now-pay later deals must ensure the prices of products are clearly mentioned to consumers, to prevent them from buying something unnecessary.

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