Feed: Slashdot
Feed Link: https://slashdot.org/
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Title: Consumers Are Increasingly Turning To Buy-Now-Pay-Later Services For
Groceries
Link: https://news.slashdot.org/story/25/06/06/1025...
Nearly a quarter of consumers using buy-now-pay-later loans now finance their
grocery purchases, representing a significant increase from 14% a year ago,
according to a recent LendingTree survey. The shift marks a departure from
the traditional use of these short-term financing services for big-ticket
items like electronics and furniture toward everyday essentials including
groceries, utility bills, and streaming services. The BNPL market has
experienced dramatic growth, expanding from $2 billion in consumer purchases
in 2019 to more than $116.3 billion by 2023. Morgan Stanley found that 28% of
surveyed Americans had used BNPL services with about 30% of those users
applying the financing to grocery purchases. Food prices have risen 28% since
2020, creating particular pressure on lower-income households earning less
than $50,000 annually, who represent the largest user base for these
services.
Read more of this story at Slashdot.
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