Author: Jonathan Reeve, General Manager - ANZ, Eagle Eye Solutions
The rise of Buy Now Pay Later (BNPL) providers such as Afterpay has caused dramatic changes in the way Australians shop. According to a recent survey by Mozo, around 30 per cent of Australian adults now have a BNPL account. Half of those BNPL users say they have stopped using their credit card and spend is increasingly shifting to the providers’ own apps – increasing from 14 per cent to 27 per cent of purchases.
And yet beneath the headline numbers there is an interesting picture when we consider the sectors in which BNPL has really taken off. Three sectors dominate here: clothing, appliances, and home and entertainment. Yet the category where Australians spend the most money – groceries – has seen hardly any impact.
Read the full article in Inside FMCG here.