The Philadelphia Fed survey offered some demographic insights about the BNPL user base. More than a third of BNPL users (37.8%) were either Black or Hispanic in Q4 2023, down from 40% in Q4 2022. Less than half (48.5%) of BNPL users were under the age of 36, a slight dip from 51.3% a year prior, the report said.
BNPL consumers appear to be more likely to use the service if they are concerned about their finances or can’t afford their current expenses, the Fed noted in its report. More than a fourth (26.9%) of BNPL users said they couldn’t pay some of their bills in January 2024, a larger proportion than the 22.6% of non-users who said the same.
