Gen Z are using buy now, pay later installment plans for essentials. A report revealed that among consumers who opt for installment payments, young shoppers use them for different purchases than older gens. Among the 65% of Gen Z consumers currently using installment plans, 45% specifically utilize them for grocery purchases. Gen Z are even more likely than Millennials to say splitting up payments is the only way they can afford purchases, whereas the older gen are looking for benefits like improved credit and rewards. (PYMNTS)
📊 YPulse data: 31% of 13-39-year-olds have used a “buy now, pay later” or payment installment service
