More than 10 million Brits expected to buy Christmas now, pay later

Around 12 million people in the UK are expecting to turn to buy now, pay later this Christmas to make ends meet.

According to new research from embedded finance platform Marqeta, nearly half (43 per cent) of consumers are ‘concerned’ about making Christmas purchases while also affording essential products and services this year.

As the cost of living crisis continues, exacerbated by high inflation, two thirds of consumers said they have had to change their day-to-day financial habits, with many turning to short term credit to ease their financial burden.

 "We are seeing a fundamental shift in how people approach their finances,” Marqeta chief revenue officer Todd Pollak said.

“Short term credit innovation is offering an increasingly feasible lifeline to consumers navigating the Christmas period. 

“With accessible options now readily available, people are keen to have more control over their yearly budget, and the flexibility to buy Christmas now, ensuring they can still make ends meet, and pay later, in months following the holiday season where there is less financial pressure.”

With consumer spending increasing over the next few months, 39 per cent of those surveyed said they will be using credit, like BNPL to help tide them over this festive season.