Boom in older people using buy now, pay later for baby goods

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 per cent increase in sales for prams, 228 per cent for moses baskets and 239 per cent 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.

Nearly half (45 oer cent) 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 saying they spend more on baby items such as cots, prams and toys than the parent.

The majority (82 per cent) of grandparents said they had spent money on their grandchild because they wanted to treat the baby but nearly a fifth (18 per cent) said they were asked to contribute to the costs.

Nearly a fifth (18 per cent) of people across the survey said they are encouraged to buy baby items they see on social media, rising to a third (33 per cent) 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.