Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Young Kiwis Flock To Buy Now Pay Later For Electronics

New research from Canstar highlights the dramatic uptake of Buy Now Pay Later among young Kiwis, compared to older New Zealanders.

The research, designed to find New Zealand’s favourite electronic retailer, discovered that 25% of Kiwis aged 18- to 29-years-old prefered to use Buy Now Pay Later, known as BNPL, for electronic purchases, compared to just 5% of those in their 60s.

The research found that 100% Appliances is New Zealand’s favourite electronics retailer, winning 5-star ratings across drivers of satisfaction including customer service, value for money and range of products.

Canstar’s research reflects the rapid rise in popularity of BNPL, an instant credit provider that offers repayments in installments. The payment method offers easy, in-store access to credit and has proved particularly appealing to millennials.

Canstar General Manager Jose George said the results reflected other evidence that BNPL was becoming the prefered payment method among the young, despite some early signs its rapid ascent may be slowing.

Mr George said BNPL could be a useful payment method for those who wanted instant, easy credit. However, Mr George said consumers needed to be careful they weren’t being caught up in the “gamification of debt.”

Mr George added, “Paying through BNPL might be quick and easy, but that doesn’t mean it’s always best. Those who use it, particularly younger Kiwis who may not be used to buying on credit, should ensure they have read up on the conditions and are able to manage the debt.”

The research reveals other discrepancies in the shopping habits of different age groups, with 17% of younger Kiwis saying they are happy to pay top dollar for electronic purchases, while only 3% of New Zealanders in their 60s would do the same.

Around 60% of shoppers across all age groups research their purchase thoroughly online before visiting a bricks and mortar store. However, older Kiwis are more likely to respect and follow the advice of staff at the store.

Loyalty to particular tech brands also fell across the older age groups, with just 21% of those over 70 saying they stuck to one brand, compared to a third of those under 30.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>