Nandan Sheth, the CEO of Splitit, highlighted that his company's order volumes surged by 62% during Cyber Week compared to the previous year, reflecting a significant shift in consumer behavior favoring buy-now, pay-later options.
Neil Saunders, a GlobalData retail analyst, noted, "We are seeing debt being used to fuel consumption...within that debt mix, BNPL is one of the fastest growing segments." He emphasized how strained household budgets are driving this trend.
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