As Black Friday and Cyber Monday approached, a significant shift in consumer behavior emerged, with more US shoppers opting for buy-now, pay-later (BNPL) services. Splitit’s CEO reported a remarkable 62% increase in order volumes during Cyber Week compared to the previous year, highlighting the growing popularity of BNPL options. This year, BNPL accounted for a record high in online spending, nearing $1 billion on Cyber Monday alone. The rise in BNPL usage can be attributed to the financial pressures many households face, leading consumers to seek flexible payment solutions. Retailers are increasingly integrating BNPL options into their checkout processes, making it easier for shoppers to take advantage of these services. While the trend is gaining traction, concerns remain about potential debt burdens, particularly among younger consumers. Regulatory measures are being considered to protect consumers, but for now, the BNPL market is poised for continued growth as more shoppers embrace this payment method.
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