On average, younger generations have a much poorer financial status than older generations. In fact, young singles have seen their delinquency rates jump by 4% since 2019 while singles across the board saw a 7% decrease in their delinquency rates.
Because of this, younger generations need to be creative when it comes to spending their discretionary income. One of the most expensive times of year, Christmas, is especially difficult. To compensate for this, many younger consumers have turned to Buy Now, Pay Later (BNPL) services.
Simply, these services allow you to split up a large purchase or large volume of purchases into monthly installments to make it easier. Often, BNPL services even advertise low or no interest rates to entice consumers. This service is so convenient that 43% of consumers say BNPL being an option influences where they purchase. Furthermore, 67% of parents plan to purchase with BNPL during the 2025 holiday season for electronics, furniture, and more.
Ultimately, if your business wants to keep up with consumer trends, getting insights is pivotal. Fortunately, the advisors from Equifax make it easy to not only get the insights but to understand them in the context of your business. Whether it’s a webinar or 1-on-1 advisory sessions, Equifax offers convenient options for any business. If you want to help your business get a step ahead during the holiday season, Equifax insights are the way to go.
Source: Equifax