Young People Increasingly Rely on Buy Now, Pay Later Services for Everyday Essentials

Buy now, pay later (BNPL) services are becoming more commonly used by young people for daily essentials like groceries and home goods, not just luxuries.

53% of BNPL users are under 35, compared to just 35% of credit card holders. Apps show their spending on staples has surged dramatically.

As prices rise, BNPL allows people to buy what they need and spread payments interest-free. Some use "hacks" like gift cards.

BNPL providers are integrated into mobile shopping and offer convenience. Transactions are easy and services ubiquitous.

Analysts worry risky spending could increase, but responsible use of BNPL for essentials is preferable to credit card interest.