September 16, 2021 | 3 min read
2021 State of Credit Report: the new reality of credit
We’re excited to introduce our new 2021 State of Credit Report “The new reality of credit: How COVID and BNPL are altering the future of consumer spending,” providing an in-depth look into consumer attitudes towards credit against the backdrop of the ongoing global pandemic. This new survey looks at how consumers use credit, including alternative options such as Buy Now, Pay Later (BNPL), and how new options are driving new expectations. In partnership with Propeller Insights, Marqeta surveyed 3,500 consumers from the U.S., U.K., and Australia, looking at changing consumer spending trends and what consumers want from next-generation credit solutions.
Our report had some clear takeaways:
Buy Now, Pay Later continues to establish itself as a formidable alternative to credit cards
According to our survey, Australia is a global leader in BNPL adoption, with 60% of respondents saying they’ve used the service, compared to 47% in the U.S. and U.K. However, BNPL adoption continues to grow globally and has become an appealing alternative to traditional credit cards.
Credit cards are still king, providing consumers with a way to make ends meet during COVID
The report details how consumers have turned to their credit providers to help them through the financial hardships of the last year. Sixty-three percent of consumers used credit cards to help make ends meet and almost half of all consumers (49%) said that they had used their credit cards more since the start of the COVID-19 pandemic.
What’s next in credit? Consumers are searching for new experiences
Consumers are looking for innovation in credit, including additional ways to build their credit — 73% said they think there should be more solutions available to help them build their credit. New credit features are also at the top of consumer minds, with 85% saying they want to be able to customize their rewards program, and 64% interested in nontraditional rewards such as cryptocurrencies.
We discuss these details and more in our global 2021 State of Credit Report.
Download the full report here.
Download from the UK here.