As household budgets feel the pinch, more consumers are turning to Buy Now Pay Later services like Clearpay and Klarna to spread the cost of purchases.
According to data from Ipsos iris, usage is surging, with monthly visitors to Clearpay up 79% year on year, while Klarna’s visitors have increased by 47% over the same time frame.
While the majority of users are still lower or middle income, both brands have seen the biggest growth amongst users earning over £50,000, suggesting a possible shift into the mainstream, rather than just a solution for tight budgets.
When it comes to age, over 55s have been the fastest growing demographic for both Klarna and Clearpay over the past year, with this older age group now making up the biggest share of Clearpay users.
With 8 million monthly users across the two brands, buy now, pay later is a growing proposition.
Data from UKOM endorsed Ipsos iris can help you identify, unpack, and adapt to changing consumer behaviours.