Pandemic Habits – 1 Million Australians Canceled Credit Cards

Credit: Pickawood via Unsplash

More than a million Australians have canceled credit cards in the past year in favor of digital payment services offering interest-free installments, according to analysis by Nielsen and DBM Atlas.

Younger consumers are driving much of the growth in Buy Now, Pay Later (BNPL) services such as Afterpay.

Nielsen research shows that almost two-thirds of Australians who used buy now, pay payments later are between the ages of 18 and 44.

Men’s use of BNPL is on the rise, but Gen Z women are taking the crown.

Clothing and food products are the most popular categories.

Five times the ad spend for BNPL providers: Spending above the line has more than tripled in the past 12 months.

Kipling Zubevich, CEO, DBM Consultants: “As BNPL adoption increases across the board, our data shows Gen Z are now more likely to be a BNPL user than a credit card holder. “

Lucas Carreras, Executive Director, Media, Nielsen: “This in-depth analysis of consumers who buy now and pay later highlights the growth of this new payment method.

“The adoption rates of young Australians and their propensity to spend more using BNPL see this as a critical payment inclusion for retailers. ”

Nielsen-DBM Atlas - Infographic - Who uses BNPL services

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About Joan Ferguson

Joan Ferguson

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