U.S. Buy Now, Pay Later Adoption Slows: Klarna Dominates Despite Market Headwinds - ResearchAndMarkets.com
The "North America Buy Now Pay Later Industry and Trends 2023" report has been added to ResearchAndMarkets.com's offering.
Buy Now, Pay Later (BNPL) services in the United States experienced a decline in usage in 2022, according to recent research findings. While the value of BNPL payments is projected to nearly double between 2022 and 2026, the growth rate of BNPL payments is expected to significantly decrease during that period.
The number of BNPL users is also projected to increase, but the growth rate of new users is expected to decline. A survey cited in the report revealed a slight decrease in the share of respondents who currently use BNPL services from 2021 to 2022.
As a result, BNPL ranked last among payment methods used at least 5 times per month in North America, with a low single-digit percentage. This suggests that the initial surge in BNPL adoption in the U.S. has slowed down.
Despite the slowdown, Klarna maintains its dominance in the U.S. BNPL market, emerging as the most popular BNPL platform, chosen by over 3 out of 10 BNPL users.
Afterpay followed as the second most used BNPL platform, with Affirm ranking third. Major appliances, electronics, and home furnishings were the top three product categories financed through BNPL services by U.S. adults. Additionally, BNPL orders for groceries and apparel experienced growth, reflecting a shift towards financing smaller purchases.
Key Questions Covered:
Key Companies Mentioned:
Although the growth rate of BNPL usage has slowed in the U.S., the market is still expected to expand, with Klarna maintaining its leadership position in the sector. The popularity of financing smaller purchases, such as groceries and apparel, through BNPL services suggests evolving consumer preferences in the U.S.
Key Topics Covered:
1. Management Summary
2. Global Overview
3. North America
For more information about this report visit https://www.researchandmarkets.com/r/fzy7mk
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