Buy now, pay later services like Klarna and Humm are growing in popularity, allowing consumers to manage payments for luxury goods and services. However, these services may pose financial risks, especially to younger users.
Buy now, pay later services such as Klarna and Humm have become increasingly popular among retailers and service providers , allowing customers to spread the cost of purchases they can't afford upfront. However, these services may not always be the best financial decision. Research shows that one in four shoppers in Ireland would consider using 'buy now, pay later' services to buy items they otherwise couldn't afford.
The users are typically younger, aged 25 to 44, and more likely to be female and work in managerial, professional, or administrative roles. Common purchases include electrical goods, mobile phones, clothing, footwear, beauty, and cosmetics. The trend has shifted from being a budgeting tool for necessities to a gateway to an aspirational lifestyle
Buy Now Pay Later Klarna Humm Financial Risk Aspirational Lifestyle Retailers Service Providers
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