Which
Summary
The technical report investigates the demographic and behavioural profiles of consumers who use Buy Now, Pay Later (BNPL) services. The report, prepared by Which? and executed by Opinium Research, aims to enhance understanding of BNPL users to inform potential regulatory measures by the Financial Conduct Authority (FCA). It presents a detailed analysis based on a bespoke survey of over 15,000 respondents, offering insights into the characteristics that correlate with BNPL usage.
Key Points
The survey defined BNPL distinctly to ensure accurate respondent understanding, differentiating it from other forms of retail credit.
Key indicators of BNPL usage include having dependent children, higher income, history of missed credit repayments, and recent stressful life events.
Older individuals, retirees, and those with higher education levels (A level or above) are less likely to use BNPL.
The survey was nationally representative, initially weighted by gender, age, and region,...
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