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More than one in three consumers uses “buy now, pay later”.

#consumers #buy #pay

CHICAGO, Aug. 23, 2022 (GLOBE NEWSWIRE) — More than a third of consumers (37%) already have or plan to have BNPL (Buy Now Pay Later) loans for their school purchases, according to new research from the retail business of TransUnion (NYSE:TRU). BNPL loans allow consumers to make purchases with deferred or interest-free installment loans.

The Back to School Shopping Trends study was conducted in July 2022 via an online survey of 1,000 adults. A full report on the findings and their impact on retailers is available in the new “TransUnion back-to-school shopping” Report.

TransUnion’s analysis found that 55% of consumers expect to spend more on their back to school this year, with inflation driving the increase. Consumers also plan to make other adjustments in response to inflation, e.g. B. to buy fewer and cheaper items. Shifts in spending were more pronounced among students shopping for themselves than among parents shopping for their children.

Adjusted spending behavior due to inflation

Buy cheaper
Versions of common articles
spend more
Buy Common Items
Buy less
some items
I stopped buying
some items
Parents shop for their children 35% 36% 32% 19%
Students shop for themselves 42% 30% 38% 23%

“Families are particularly hard hit by inflation, and back-to-school shopping is a significant expense on top of daily expenses,” said Cecilia Seiden, vice president of TransUnion’s retail operations. “The ability to spread these payments out over a longer period of time without interest is a very attractive option for parents and students who are already financially overwhelmed.”

TransUnion supports retailers with audience targeting solutions to help them determine which consumers would be most likely to respond to offers with BNPL funding details. In addition, TransUnion customers can access identity solutions to enable frictionless shopping experiences that balance convenience, efficiency and security.

Read on GNW: More than one in three consumers uses “buy now, pay later”.

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