That’s followed by Gen Zers, which account for 30.3%. “The pandemic has accelerated the growth of the BNPL industry by offering consumers more flexibility and easier payment plans,” said Oscar Orozco, eMarketer forecasting director at Insider Intelligence. “The surge in ecommerce has also been a boon to the industry, as consumers have relied more on digital shopping to fulfill their needs.
It pointed to millennials and Gen Z as driving forces. As those generations have become “increasingly environmentally conscious and value-oriented, they are seeking out companies that employ sustainable practices and becoming more comfortable wearing refurbished clothing.”