DUBLIN--(BUSINESS WIRE)--The "North America Buy Now Pay Later Industry and Trends 2023" report has been added to ResearchAndMarkets.com's offering.
Buy Now, Pay Later (BNPL) services in the United States experienced a decline in usage in 2022, according to recent research findings. While the value of BNPL payments is projected to nearly double between 2022 and 2026, the growth rate of BNPL payments is expected to significantly decrease during that period.
The number of BNPL users is also projected to increase, but the growth rate of new users is expected to decline. A survey cited in the report revealed a slight decrease in the share of respondents who currently use BNPL services from 2021 to 2022.
As a result, BNPL ranked last among payment methods used at least 5 times per month in North America, with a low single-digit percentage. This suggests that the initial surge in BNPL adoption in the U.S. has slowed down.
Despite the slowdown, Klarna maintains its dominance in the U.S. BNPL market, emerging as the most popular BNPL platform, chosen by over 3 out of 10 BNPL users.
Afterpay followed as the second most used BNPL platform, with Affirm ranking third. Major appliances, electronics, and home furnishings were the top three product categories financed through BNPL services by U.S. adults. Additionally, BNPL orders for groceries and apparel experienced growth, reflecting a shift towards financing smaller purchases.
Key Questions Covered:
- U.S. BNPL Market Size: What was the size of the U.S. BNPL market in 2022, and how is it projected to grow through 2026?
- Growth of BNPL Users: How is the number of BNPL users in the U.S. expected to develop until 2026?
- Attitude Towards BNPL: What is the attitude of online shoppers affected by inflation towards using BNPL services?
- Popular BNPL Product Categories: Which product categories were the most popular for purchases made using BNPL in the U.S. in 2022?
- Leading BNPL Providers: Who are the most prominent BNPL providers in the U.S.?
Covered Countries:
- USA
- Canada
Key Companies Mentioned:
- Klarna
- Afterpay
- Affirm
- Apple Pay Later
- PayPal
- Sezzle
Although the growth rate of BNPL usage has slowed in the U.S., the market is still expected to expand, with Klarna maintaining its leadership position in the sector. The popularity of financing smaller purchases, such as groceries and apparel, through BNPL services suggests evolving consumer preferences in the U.S.
Key Topics Covered:
1. Management Summary
2. Global Overview
- BNPL Industry and Trends Overview, June 2023
- Overview of BNPL Concerns and Regulations, June 2023
- BNPL Market Size, in USD billion, 2022e & 2027f
- Number of BNPL Users, in millions, 2022e & 2027f
- Share of BNPL Accounting for Total B2C E-Commerce Transaction Value, in %, 2022
- Payment Methods Used At Least 5 Times Per Month, in % of Respondents, September 2022
- Market Shares of BNPL Services, in % of Top B2C E-Commerce Websites Supporting BNPL as a Payment Method, March 2023
- Overview of Apple Pay Later, June 2023
- Overview of Klarna's Activities in BNPL Landscape, June 2023
- Number of Klarna's Users, in millions, & Year-on-Year Change, in %, 2019-2022
- Number of Afterpay's Active Users, in millions, & Year-on-Year Change, in %, December 2019, December 2020, December 2021, March 2022
- Number of Afterpay's Active Sellers, in thousands, & Year-on-Year Change, in %, December 2019, December 2020, December 2021, March 2022
- Number of Affirms's Active Users, in millions, & Year-on-Year Change, in %, June 2019-2022
3. North America
3.1. Regional
3.2. USA
3.3. Canada
For more information about this report visit https://www.researchandmarkets.com/r/fzy7mk
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
