The use of Buy Now Pay Later (BNPL) by UK consumers has risen 10.7% compared to January 2022
In Brief:
Adobe Analytics’ findings reveal that BNPL comprised of 12% of online purchases in January this year
The average order value of BNPL purchases has also increased as shoppers are opting to pay for higher value products over a longer period
UK consumers spent £8 billion in January 2023, 1.4% less than in the same month last year and 26.7% less than in December 2022
What does this mean?
Vice president and managing director of Adobe in the UK, Suzanne Steele, commented: “Taking into account the increased pressure on consumer spending power this year compared with 2022, a year-on-year drop of just 1.4% in January online spending shows that the post-Christmas sales period still holds great importance for retailers and shoppers alike. While last week’s suggestion by the Bank of England that inflation may have peaked is good news in the mid- to long-term, the increased use of BNPL services to spread the cost of January purchases, shows that consumers are still keeping a close eye on their finances in the short term.”
