BNPL used in 12% of online purchases in January

It’s analysts also identified an increase in the use of buy now pay later (BNPL) services, which was used in 12% of online purchases – a year-on-year increase of 10.7%. Additionally, the data revealed consumers are using BNPL to finance larger purchases – with the average order value of BNPL orders growing by 18% year on year.  

Adobe UK’s vice president and managing director Suzanne Steele said: “Taking into account the increased pressure on consumer spending power this year compared with 2022, a year-on-year drop of just 1.4% in January online spending shows that the post-Christmas sales period still holds great importance for retailers and shoppers alike.  

“While the suggestion by the Bank of England that inflation may have peaked is good news in the mid- to long-term, the increased use of buy-now-pay-later services to spread the cost of January purchases, shows that consumers are still keeping a close eye on their finances in the short term.”