Buy Now, Pay Later is Luxury?s Newest Friend
The phenomenon has of late become increasingly popular among the younger generation of spenders and luxury brands should start looking into it.
The post Buy Now, Pay Later is Luxury?s Newest Friend appeared first on LUXUO.
Image: Gucci
For many, buying a luxury good marks a milestone in their professional life. This is especially true for the new generation of spenders who have just started their careers, and making that big purchase signifies a transition from youth to adulthood. The penchant for the consumption of luxury in this burgeoning group is one that many brands cannot afford to ignore. They will, in the future, be the core that will help to bring in revenues and it does not hurt to start a relationship from the beginning.
While the appetite for luxury is huge for this group of spenders who are in their 20s or 30s, they might not have the means to make that full purchase readily. Hence, there is a gap that exists between the desire to buy and the ability to pay. To address this rift, companies are created and a new phenomenon called ?Buy Now, Pay Later? (BNPL) is introduced to society.
Image: Gucci
BNPL is a relatively new payment method that got popularised in recent years. The concept is similar to traditional credit card instalments but what differentiates BNPL is the non-requirement for checking credit scores. This is a huge boon for Gen-Z and millennials who might not meet the requirements for a traditional credit card but still aspires to buy...
The post Buy Now, Pay Later is Luxury?s Newest Friend appeared first on LUXUO.
Image: Gucci
For many, buying a luxury good marks a milestone in their professional life. This is especially true for the new generation of spenders who have just started their careers, and making that big purchase signifies a transition from youth to adulthood. The penchant for the consumption of luxury in this burgeoning group is one that many brands cannot afford to ignore. They will, in the future, be the core that will help to bring in revenues and it does not hurt to start a relationship from the beginning.
While the appetite for luxury is huge for this group of spenders who are in their 20s or 30s, they might not have the means to make that full purchase readily. Hence, there is a gap that exists between the desire to buy and the ability to pay. To address this rift, companies are created and a new phenomenon called ?Buy Now, Pay Later? (BNPL) is introduced to society.
Image: Gucci
BNPL is a relatively new payment method that got popularised in recent years. The concept is similar to traditional credit card instalments but what differentiates BNPL is the non-requirement for checking credit scores. This is a huge boon for Gen-Z and millennials who might not meet the requirements for a traditional credit card but still aspires to buy...
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