65% of Buy Now Pay Later spenders using it for big necessities, finds Mozo
Aussies aren’t just using Buy Now Pay Later (BNPL) to buy a fresh outfit - the majority of them are using these platforms to buy big necessities like fridges, heaters, new beds and more, according to Mozo’s 2021 Buy Now Pay Later Report.
“Shoppers don’t just use Buy Now Pay Later for small purchases like clothing. Mozo research found that 65% of users purchase large necessary items on the platforms, like fridges or other household appliances,” says Mozo spokesperson, Claire Frawley.
Just behind large necessary purchases, over half of BNPL users (57%) are spending on luxury items like designer clothing and jewellery, while more than a quarter (28%) are buying essentials like food.
The report also revealed that across all age groups using BNPL, on average the most users owe is $698.
Plus, the data showed that 42% of BNPL users make purchases online, 37% by browsing BNPL apps or websites, 16% in a physical store and 5% via social media.
Which is the best Buy Now Pay Later?
At the moment, there are over 10 BNPL providers available for Aussies - so which is the best option?
Well, it all depends on how you intend to spend.
Recently, Mozo announced the 2021 Mozo Experts Choice Awards for Buy Now Pay Later, which saw three providers come out on top:
- Klarna: Small purchases
- humm: Big purchases
- brighte: Specialist service
Want to find out more about Buy Now Pay Later? Head to our Buy Now Pay Later hub for a full list of providers and a rundown of what you should know!