Posted 1/4/2024, 1:04:00 PM
Online Holiday Shoppers Lean on 'Buy Now, Pay Later' More Than Ever
- Online holiday spending hit a new record of $222.1 billion, up 4.9% year-over-year
- Growth was driven by increased use of "buy now, pay later" (BNPL) options, accounting for $16.6 billion in spending
- BNPL spending on Cyber Monday alone was $940 million, up 42.5%
- BNPL accounted for $75 billion in online spending in 2022, up from $65.6 billion in 2021
- Financial experts worry consumers are overusing BNPL and going into debt they can't afford