And in other holiday spending news, almost half of young people will reportedly use buy now, pay later services to shop this season. According to research from tech firm Bluedot, Gen Z and Millennials are more likely than older gens to have plans to use BNPL services for holiday shopping. Buy now, pay later has boomed in the last few years, but also caused new financial issues, with one report noting that 43% of Gen Z who used BNPL for holiday shopping in 2021 missed at least one payment. But inflation and tighter budgets mean that young people are looking for more ways to afford the gifts they want to buy, despite financial risks. YPulse’s Holiday Shopping Plans report found that 41% of 13-39-year-olds agree “I’ll be using pay-in-installment services (e.g. Klarna, Afterpay, etc.) to shop for the holidays so I can buy what I want.” (Retail Dive)
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