2021 State of credit
The new reality of credit: How COVID and BNPL are altering the future of consumer spending
In partnership with Propeller Insights, Marqeta conducted a survey of 3,500 consumers across the US, UK, and Australia to get a sense of how consumers are using their credit cards and their attitudes towards credit providers, including alternative credit options such as Buy Now, Pay Later (BNPL) . The survey shows how greatly the ongoing pandemic has affected consumer behaviour when it comes to credit:
72% of consumers surveyed are more conscious of their credit post-COVID
63% of consumers have relied on credit cards to make ends meet during COVID-19
Over half of all consumers surveyed (51%) have now used a BNPL service
Buy Now, Pay Later use swells globally during pandemic
According to the survey, BNPL adoption has increased across the globe, with the US, UK and Australia each reporting growth in use during the pandemic. Australia is a global leader in BNPL adoption, with 60% of respondents saying they’ve used the service, compared to 47% in the US and UK.
Consumers feel the financial burden of COVID-19 and rely on credit to help make ends meet
The report details how consumers have turned to their credit providers to help them through the financial hardships of the last year, with 63% of consumers surveyed using their credit cards to help make ends meet.
What do consumers want next from their credit providers?
Consumers are looking for additional ways to build their credit and new innovative features. The report outlines what experiences consumers are looking for from the next-generation of credit, and how fintechs and financial institutions can keep up.