United Kingdom Buy Now Pay Later Markets Report 2023: BNPL Payments are Expected to Grow by Over 20% to Reach $32,825.2 Million in 2023 - Forecasts to 2028

DUBLIN, Feb. 14, 2023 /PRNewswire/ -- The "United Kingdom Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2023 Update" report has been added to  ResearchAndMarkets.com's offering.

BNPL payments are expected to grow by 20.1% on an annual basis to reach US$32,825.2 million in 2023.

The BNPL payment industry in United Kingdom has recorded strong growth over the last four quarters, supported by increased ecommerce penetration.

Medium to long term growth story of BNPL industry in United Kingdom remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 10.9% during 2023-2028. The BNPL Gross Merchandise Value in the country will increase from US$27,342.9 million in 2022 to reach US$55,115.3 million by 2028.

With the surging cost of living in the United Kingdom, more shoppers are turning to buy now pay later schemes to manage their cash flow. According to the publisher estimates, over 36% of consumers have used BNPL more than once because of rising inflation and cost of living. Millennials and Gen Z consumers are the ones using the payment method more frequently.

The most popular category where consumers are using the payment method includes consumer electronics products, such as smartphones, TVs, and computers. This is followed by clothing, home improvement, and health and wellness products, among others. The growing usage of BNPL schemes, due to the cost of living, is also driving consumer debt in the United Kingdom.

BNPL firms are offering value-added services to their consumers to build brand loyalty in the United Kingdom

The competition in the BNPL space has increased significantly over the last two years. To gain a competitive advantage and build brand loyalty, BNPL providers are moving beyond flexible payment schemes.

In November 2022, Klarna, one of the leading players in the United Kingdom BNPL industry, announced the launch of a search and compare tool within its app for consumers in the United Kingdom. The add-on feature will allow consumers to look out for the best deals when shopping online. The launch of the feature builds upon the acquisition of PriceRunner, a comparison-shopping service, which Klarna acquired in April 2022.

Over the last 12 months, Klarna has swiftly moved beyond flexible payment schemes to offer more and more features to its customers. The launch of the search and compare tool is part of the firm's super app strategy through which Klarna aims to offer everything online experience to consumers within its app.

This report provides a detailed data centric analysis of Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunity by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in United Kingdom. KPIs in both value and volume term help in getting in-depth understanding of end market dynamics.

The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.

Reasons to buy

• Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2019-2028). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.
• Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.
• Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.
• Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.
• Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in United Kingdom.

Scope

United Kingdom Buy Now Pay Later Market Share Analysis by Key Players

• Klarna
• Clearpay
• Laybuy
• Payl8r
• Openpay
• paypal
• Zilch
• Playter Pay
• Zip
• Divido
• Perkbox
• ezyVet
• IKEA
• AppToPay

United Kingdom BNPL Market Size and Spending Pattern, 2019-2028

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later Revenue Analysis, 2019-2028

• Buy Now Pay Later Revenues
• Buy Now Pay Later Share by Revenue Segments
• Buy Now Pay Later Revenue by Merchant Commission
• Buy Now Pay Later Revenue by Missed Payment Fee Revenue
• Buy Now Pay Later Revenue by Pay Now & Other Income

United Kingdom Buy Now Pay Later Operational KPIs & Statistics, 2019-2028

• Buy Now Pay Later Active Consumer Base
• Buy Now Pay Later Bad Debt

United Kingdom BNPL by Purpose, 2019-2028

• Convenience - Short Term Loans
• Credit - Loan Term Loans

United Kingdom BNPL by Business Model, 2019-2028

• Two-Party (BNPL offered by retailers)
• Three-Party BNPL Offering

United Kingdom BNPL by Merchant Ecosystem, 2019-2028

• Open Loop System
• Closed Loop System

United Kingdom BNPL by Distribution Model Analysis, 2019-2028

• Standalone
• Banks & Payment Service Providers
• Marketplaces

United Kingdom BNPL Analysis by Channel, 2019-2028

• Online Channel
• POS Channel

United Kingdom Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2019-2028

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2019-2028

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later in Travel/Entertainment: Market Size and Forecast, 2019-2028

• Gross Merchandise Value Trend Analysis
• Average Value per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later in Services: Market Size and Forecast, 2019-2028

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later in Automotive: Market Size and Forecast, 2019-2028

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2019-2028

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later in Groceries: Market Size and Forecast

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

United Kingdom Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

• Sales Uplift by Product Category
• Share by Age Group
• Share by Income
• Share by Gender
• Adoption Rationale

For more information about this report visit https://www.researchandmarkets.com/r/qrs4a1-kingdom?w=5

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