buy now, pay laterover the last six months. The report titled “Redefining Retail: Consumer Finance Trends Driving the Evolution of Installment Plans,” surveyed more than 2,600 people — with 51 percent of respondents identifying as female, 34 percent of people holding a college degree, the average age of 48 and 39 percent annual income exceeding $100,000. . However, nearly 63 percent of Gen Z shoppers are more loyal to their credit cards than retailers.
Now, card-linked installment plans using existing bank credit are becoming a favored option for big purchases — with 33 percent of consumers opting for this method in comparison to 21 percent of consumers using the traditional pay-in-four installment options. from how legacy BNPL programs are seen as smarter ways to pay for products and services over bank-issued credit cards.
“Younger consumers are more loyal to their form of payment than to the brand or retailer where they are shopping,” said Nandan Sheth, chief executive officer of Splitit. “Gen Z shoppers are the highest share of consumers that use pay later plans and are the least concerned with the impact traditional BNPL programs can have on their credit scores.