Americans are increasingly turning to buy now, pay later (BNPL) apps to purchase their daily needs amid sky-high inflation, according to a new survey.
BNPL options allow consumers to pay for purchases in installments.
A new LendingTree survey shows that about 46 percent of consumers used BNPL this year, up from 43 percent a year ago and 31 percent in 2021.
LendingTree commissioned Qualtrics to conduct an online survey of 2,044 U.S. consumers ages 18 to 77 on March 7–8.
The study finds 46 percent of consumers have used the payment method for clothing, shoes, and accessories. Home furniture and appliances came in as the next largest category at 34 percent. Technology and beauty products came in at 27 percent and 26 percent, respectively….