A recent study by Splitit and PYMNTS Intelligence reveals a significant shift in holiday shopping behaviors, particularly among different generational cohorts. The survey, which included 5,248 consumers, found that nearly 75% of baby boomers plan to utilize split payment options for their holiday purchases this year. This trend is echoed among other age groups, with 60% of Gen Z, 68% of Gen X, and 65% of millennials also opting for flexible payment plans. Interestingly, higher-income consumers earning $100,000 or more are more likely to use buy now, pay later (BNPL) services compared to their lower-income counterparts. The study highlights a growing demand for alternative payment options, particularly credit card installments, which are becoming increasingly popular among Gen Z. This demographic's shift towards these payment methods underscores their price sensitivity and desire for financial flexibility. The findings suggest that card-linked installments provide a beneficial solution for baby boomers, allowing them to manage expenses while enjoying rewards and loyalty points.
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