Bankrate’s research offers some insight into which demographics are gravitating toward BNPL platforms. While consumers with an annual household income of $100,000 or more made up the smallest group of BNPL users (39%), consumers earning between $80,000 and $99,999 made up the highest share of BNPL customers at 43%.
More than half of millennials (55%) and Gen Z (51%) consumers have used BNPL services, a greater share than Gen Xers (31%) and boomers (25%).
Some BNPL providers charge interest depending on the transaction, and others may charge late fees for missed payments. Bankrate’s missed payment and overspending findings build upon other research suggesting that consumers with constrained budgets are turning to BNPL services.
