According to a recent survey, many shoppers are feeling increasingly stressed out about their finances. With most people still affected by the economic downturn from the pandemic, many are forced to downsize their budgets and approach shopping more cautiously. However, there is also a contingent of shoppers that are taking advantage of the compelling eCommerce offers, such as “buy now pay later” schemes.
This tension between the frugal shopper and those seeking convenience and/or luxury purchases has been seen throughout the post-pandemic period. Many shoppers are worried about their financial health in the wake of the pandemic and are tightening their budgets to prioritize the essentials. This widespread frugality with regards to discretionary consumer spending has caused ripples throughout the eCommerce landscape and many retailers have had to adjust their strategy accordingly.
At the same time, there is still a sizable portion of the population that are still willing to make purchases even if they cannot pay immediately after. The “buy now pay later” trend has caught the eyes of shoppers everywhere because it provides the satisfaction of buying what they want without the worry of a large upfront cost. On top of this, many retailers offer discounts when you make your selection and opt to pay later.
So while some shoppers are still feeling the pinch of their finances and are opting to tighten the pursestrings, there is a sizable amount of consumers that are taking advantage of “buy now pay later” schemes to make those necessary and luxurious purchases. Whether this trend continues or not is yet to be seen, but it’s clear that shoppers are responding to both caution and convenience when it comes to the current economic conditions.