By the Numbers
For the September report “Installment Plans Becoming a Key Part of Shopper’s Toolkit,” PYMNTS Intelligence surveyed more than 2,500 U.S. consumers to get a sense of how they use installment plans for common purchases and to better understand their preferences in this area.
The results revealed that 66% of shoppers prefer to be offered an installment plan that uses an existing limit on a bank-issued credit card before they check out, versus the 23% who prefer to see these offers during checkout and 11% who prefer to see it after.
Older consumers are disproportionately likely to want to be offered these plans in advance, with 79% of baby boomers and seniors preferring to be offered their plan options before deciding what to buy.
A Deeper Dive
The demand for this foreknowledge comes as ongoing economic pressures have consumers making difficult budgeting decisions.
The PYMNTS Intelligence study “New Reality Check: The Paycheck-to-Paycheck Report: Why One-Third of High Earners Live Paycheck to Paycheck” revealed that 82% of consumers said concerns about inflation top their lists of economic woes, and 17% said they hold out any hope that inflation will subside soon. Additionally, the report revealed that 60% of shoppers have cut down on nonessential purchases, and half have turned to cheaper merchants due to retail product price increases.
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Plus, findings from an earlier installment of the “New Reality Check: The Paycheck-to-Paycheck Report” revealed that consumers said they deplete 67% of all available savings every four years, on average. Among paycheck-to-paycheck consumers, the average recurrence drops to once every 2.5 years.
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