According to the press release, the study focused on understanding Gen Z and Millennial consumers attitudes towards the ‘Buy Now, Pay Later’ trend, with more than 1,200 adults between the ages of 18 and 64 being surveyed by CGK between 27 February and 2 March 2020.
Therefore, based on the CGK study, over 90% of Gen Z and 95% of Millennial consumers are aware of instalment payment options. However, largely due to the predominance of credit cards in North America, alternative payments are just beginning to take off in the US and Canada, as younger consumers find themselves sidelined by the traditional credit market.
Consumers are using digital payment services (75%) more than traditional banking apps (67%).
81% of consumers indicate that they would at least sometimes use instalment payments if they were available, with 63% of Millennials either preferring or viewing instalment payments as a helpful option.
Over an half of consumers (53%) are likely to use instalment payments if it is available at their preferred store.
If instalment payments were offered, 60% of consumers would try a new store or website and 65% of consumers would shop more often.
Instalment payments with no fees or interest are preferred amongst consumers.
Consumers are likely to use an instalment payment solution if it helps build their credit.
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