Over the last few years, the retail industry has seen companies such as Affirm, Afterpay and Sezzle make their mark — and for good reason. In fact, the growth of BNPL is hitting record-breaking levels — in 2021 Cornerstone Advisors say that consumers will make nearly $100 billion in retail purchases using BNPL.
Millennials and Gen Z shoppers are driving this ecommerce trend forward as a result of tight budgets, low credit and a COVID-fueled increase in online shopping. In fact, Cornerstone Advisors found that Gen Z consumers using BNPL grew from 6% in 2019 to 36% in 2021, and millennials’ use of BNPL is up to 41%. Shoppers in every age bracket are starting to experiment with this new way to pay.
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