A holiday consumer trends report finds that nearly 3 in 10 Americans are considering “buy now, pay later” services to cover holiday purchases due to high inflation.
If they all follow through, Morning Consult reported Wednesday that it would be “a sizable jump” over the 20% and 23% who used such services last November and December, respectively.
The online market researcher’s Holiday Report, an analysis of biweekly surveys conducted between August and October, also found that 18% of respondents plan to start a new credit line.
“To cover holiday expenses, consumers are more likely to consider using BNPL services than to open a new credit card, as rising interest rates on credit cards make the BNPL loans, which often have no interest, especially enticing,” Morning Consult said.
Morning Consult surveyed 2,200 U.S. adults every other week between August and October, comparing those results to data from September to December 2021. The margin of error for the most recent surveys was plus or minus 2 percentage points.