Gen Z is turning to “buy now, pay later” services to shop during lockdown. According to a survey from Comparethemarket.com, nearly 25% of 18-to-24-year-olds are more likely to use BNPL to fund purchases during COVID. While only 16% of Gen Z said they have shopped using BNPL, of those who had, 64% of that group spent more than usual. A third of Gen Z consumers say they have seen more BNPL options offered to them in quarantine as brands look for more ways to attract young consumers. One example: Afterpay is teaming up with Ticketek so customers can pay for tickets and secure seats to upcoming live shows in four installments. Afterpay’s decision to work with the ticket platform came when their research discovered that only 41% of Millennials use a credit card, and the number is even less for Gen Z. (Yahoo! Finance, Business Insider)
