“Buy now, pay later” credit services like Klarna are helping to boost the popularity of fast fashion giants. YPulse’s Shopping and Retail Report, reported that 29% of 13-39-year-olds have used a BNPL service. According to Klarna, over 2 million transactions occur every day, and research shows “Gen Z use of point-of-sale loans are up 925 per cent from January 2020.” The majority of their purchases are clothes and accessories, with 73% purchasing mainly fashion items. BNPL services have been praised by some for making fashion more accessible, but the increase of this buying method has left fast fashion brands reeling at the demand. The ability to pay in installments makes it easier than ever to buy anything, encouraging even more impulse and “try before you buy” purchases, and leaving a massive carbon footprint from shipping and returns. Debt collectors are also sounding alarms, warning that one in eight users have been chased down for their dues. (DAZED)
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