Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Brits set to plunge themselves into £3.7bn worth of Buy Now Pay Later debt before Christmas

by November 8, 2023
November 8, 2023
Brits set to plunge themselves into £3.7bn worth of Buy Now Pay Later debt before Christmas

Cash strapped Brits are forecasted to spend a whopping £3.7bn using Buy Now Pay Later (BNPL) schemes in the run up to Christmas, as the cost of living crisis continues to plunge shoppers into debt.

The figure is expected to rise a staggering 8.8 per cent from the previous year, as more customers under the cosh turn to instalment plans to afford presents for loved ones, a new study from software company Adobe has revealed.

It comes as crucial sales events such as Black Friday and Cyber Monday are set to take place at the end of November,  giving the chance for shoppers to buy big ticket items such as computers and phones at a discounted price before the holidays.

Cyber Monday, the online sales event which takes place on the 27th November is forecasted to be the largest day ever for BNPL online spend this year at £153.5m.

Last year, BNPL online spend on Cyber Monday was £134.9m.

The economic downturn has turned an increasingly high number of shoppers to use payments apps such as Klarna and Clearplay to space out their payments.

While they can be helpful for customers, some schemes have faced scrutiny from government officials for lacking the same level of security and regulation as regular credit card providers.

Adobe forecasts that the amount spent using BNPL schemes this year will rise a hefty 26 per cent to £17.2bn.

Families across the UK have been forced to whip out their credit cards more frequently amid the cost of living crisis, leading to a rise in household debt.

According to figures from The Money Charity the average UK adult has had £660 added to their debt pile.

Vivek Pandya, lead analyst at Adobe Digital Insights, said: “After a tough 2023 for the sector, retailers can feel optimistic about this year’s golden quarter with e-commerce expected to grow by 2.7 per cent compared with last year.”

“This year’s growth will be fuelled by the increasing use of flexible payment methods like Buy-Now-Pay-Later and strong spending over Black Friday and Cyber Monday, so it’s essential that retailers gear up for this year’s milestone shopping days.”

Read more:
Brits set to plunge themselves into £3.7bn worth of Buy Now Pay Later debt before Christmas

0
FacebookTwitterGoogle +Pinterest
previous post
UK ditches company working time rules in further post-Brexit red tape cuts
next post
JD Wetherspoon see rising sales rise but warn of energy bill pain ahead

You may also like

Top 5 Cyber Trends to Track in 2025

January 27, 2025

UK SMEs are the most tech savvy in...

May 12, 2023

Ford, Vauxhall owner and JLR call for UK...

May 18, 2023

Letting go of working mum guilt

March 31, 2023

Biden bans US investment in Chinese tech as...

August 10, 2023

Manufacturing sector shrinks for third month as exports...

October 3, 2022

Richelieu Dennis: Incorporating Philanthropy in Business

November 2, 2022

Fentimans warns glass tax could end 120 years...

September 5, 2024

‘Poor maths skills’ blamed for rising benefits bill,...

December 30, 2024

8 Common Mistakes That Can Harm Your SEO...

August 23, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s Debanking Order Calls for Investigation, Something Tennessee Should Have Done

      August 9, 2025
    • MIKE DAVIS: Eric Tung is Trump’s pick to bring sanity to the Ninth Circuit

      August 9, 2025
    • How Europe’s car industry can survive the Chinese EV challenge

      August 9, 2025
    • Hiring Software & JavaScript Developers: Skills, Costs, and Best Practices

      August 9, 2025
    • Rakhi Butani on Skincare, Cooking, and the Power of Balance

      August 9, 2025
    • Jeremy Clarkson warns of ‘catastrophic’ UK harvest as farmers battle extreme weather and rising costs

      August 9, 2025

    Categories

    • Business (8,728)
    • Investing (2,191)
    • Politics (16,345)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved