Rise in older generations using buy now, pay later for baby items, figures show
Buy now, pay later provider Clearpay has recorded a jump in sales for prams, moses baskets and baby carriers among people aged 44 to78.
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Your support makes all the difference.There has been a jump in Baby Boomer and Generation X age groups using buy now, pay later (BNPL) to fund baby products, according to new data.
BNPL provider Clearpay, which released the figures, defined Gen X as people aged 44 to 59 and Baby Boomers as being aged 60 to 78.
Some people in these age groups will be parents and some will also be grandparents.
It recorded a 165% increase in sales for prams, 228% for moses baskets and 239% for baby carriers from these generations combined, when comparing the period November 1 2022 to February 14 2023 with November 1 2023 to February 14 2024.
Clearpay also commissioned an Opinium survey which indicated that, on average, grandparents pay £750 towards the first 12 months of their grandchild’s life.
The role of a grandparent often goes beyond care and love, and for some, means playing a significant financial role in helping get ready for a new baby
Nearly half (45%) of grandparents feel that the cost of living has made it too expensive for their adult child to pay for baby items, with a fifth (20%) saying they spend more on baby items such as cots, prams and toys than the parent.
The majority (82%) of grandparents said they had spent money on their grandchild because they wanted to treat the baby but nearly a fifth (18%) said they were asked to contribute to the costs.
Nearly a fifth (18%) of people across the survey said they are encouraged to buy baby items they see on social media, rising to a third (33%) of younger parents aged 18 to 24.
Rich Bayer, UK country manager at Clearpay, said: “The role of a grandparent often goes beyond care and love, and for some, means playing a significant financial role in helping get ready for a new baby.”
Censuswide surveyed more than 2,000 parents and grandparents in March.
Last year, another BNPL provider, Klarna, said that about one in eight of its customers in the UK is aged over 60.
Over-60s are particularly likely to use the platform to shop for furniture and home essentials, Klarna said.
In general, BNPL can be a way for people to spread the costs without incurring interest.
But concerns have been raised that some people could take on too much debt, which could end up being difficult and costly to pay off.
A guide for lenders in September 2023 from credit information company Experian found that use of BNPL is growing.
Experian’s analysis indicated that the largest user base is people aged 39 or younger, representing more than half (57%) of users.
But, during 2023, the fastest growth had come from older, less risky customers aged 45 to 64, Experian found.