Why millennials and gen-Zs are jumping on the buy now, pay later trend
Summary
So she took the $144 leap, and nearly two years later, shes shelled out thousands on a makeup brand she normally couldnt afford thanks to a buy now pay later platform known as Afterpay. Many younger consumers say they use buy now pay later because they want new clothing or electronics and dont have the money, said Joseph Flowers, a full-time content creator. Breaking up costs because it "feels smaller" is not uncommon among younger generations, who struggle to think about or plan for the future, said Sarah Newcomb, a behavioral economist at financial services firm Morningstar. Chiziterem Ogbonna admits there is a culture on TikTok and social media where people overspend and that is contributing to the growth of buy now pay later among her generation. Emmi uses Afterpay or Klarma on any purchase she can but cautions overspending, a lesson she learned when she lost her job during Covid-19 and struggled to pay mounting installment bills.
